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Shell Will Reduce Its Stake from 80% to 50% and Will Continue as Operator, While the French Company Total Will Keep the Remaining 20%.
The Colombian Ecopetrol reported acquiring 30% of Shell in stakes, rights, and obligations for two areas corresponding to the BM-S-54 Concession Contract and the Gato do Mato Shared Production Contract, located in the Santos Basin in Brazil. In May, Ecopetrol bought a stake in Shell and Chevron in the Saturn field .
Under this contract, Shell will reduce its stake from 80% to 50% and will continue as operator, while the French company Total will keep the remaining 20%.
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In addition to these oil companies, the Brazilian government is also involved in the Shared Production Contract through Pré-Sal Petróleo SA (PPSA). After accounting for this action, the consortium will proportionally maintain the above percentages.
Three wells that discovered light hydrocarbons have been drilled in these two blocks. The consortium will continue to carry out activities and operations to start production in the coming years.
“The combination of this discovery in the Brazilian pre-salt with world-class companies is part of our growth and internationalization strategy, focused on high-potential basins like Santos, in Brazil. This acquisition balances our production portfolio by adding light hydrocarbons. In 2018, we announced our entry into the pre-salt, an area with one of the highest potentials on the continent. Today we strengthen our presence by being part of a discovery that will provide us production in a few years “, said Felipe Bayon, president of Ecopetrol.
According to Ecopetrol’s estimates, the company could incorporate about 90 million barrels of crude oil in contingent resources starting in 2020, which will be gradually added to its reserves. Ecopetrol also estimates that its share of production could total about 20,000 barrels per day of crude oil by 2025.
This agreement aligns with the company’s strategy of capital discipline and sustainable growth in reserves and production and strengthens Ecopetrol’s position in the Santos Basin in Brazil. The Gato do Mato stake will enhance our current position in the Pau-Brasil and Saturn blocks.
The contract signed by Ecopetrol and Shell is subject to the respective approvals of the assignment to Ecopetrol by the Ministry of Mines and Energy of Brazil, by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), and other usual transaction conditions.
Ecopetrol is the largest company in Colombia and is an integrated oil firm among the 50 largest in the world and the four largest in Latin America.
In addition to Colombia, where it generates more than 60% of the country’s production, it operates in exploration and production in Brazil, Mexico, Peru, and the United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country’s pipeline and duct network, and is significantly increasing its involvement in biofuels.
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