While Petrobras Awaits Full Payment from TotalEnergies, Shell Has Already Granted Over R$ 5 Billion for Partnership in Atapu, Santos Basin

Petrobras Received R$ 5.26 Billion from Shell for Share in Block of Santos Basin, Partnership Between the Two Companies and TotalEnergies

Petrobras, which recently disclosed the assembly for the election of its Board President, informed on Wednesday, April 13, that it received in cash a total of R$ 5.26 billion from the British multinational oil company Shell, referring to the 25% share of the company in the Atapu block, located in the pre-salt of the Santos Basin. The oil company also conducted business with TotalEnergies.

According to an article written by Flávya Pereira for the Valor column, in December of last year, the state-owned Petrobras, in partnership with Shell – a company that has invested millions in oil exploration blocks – and with the French company TotalEnergies, acquired the Atapu area in the Santos Basin through a bidding process for onerous assignment, executed by the National Petroleum Agency (also known by the acronym ANP), during the production sharing regime.

Shell holds exactly a 25% stake in the block, while TotalEnergies has a smaller share of 22.5%. In turn, Petrobras acquired 52.5% of the total block in the Santos Basin. Furthermore, Petrobras highlights that it expects full payment for the TotalEnergies share.

According to Petrobras information, which conducts large businesses, the signing deadlines for the sharing contract and the co-participation resolution in the Santos Basin are expected to occur by April 29 of this month.

Do You Know Shell? Check Out a Bit About the Company Below

Founded in 1907 by Hugo Loudon, Shell is a multinational oil company headquartered in London, United Kingdom. With a revenue of $261.5 billion, its main activities are oil refining and natural gas extraction. Since January 2014, its CEO is Ben van Beurden.

Shell Brazil was the first private company to produce oil on a commercial scale in the country, in the Campos Basin, after the market was opened. In Deep Waters, Shell has 31 contracts with the Brazilian government, being operators in 21 of these projects. Shell Brazil is present in the Campos, Santos, Barreirinhas, and Potiguar Basins, with participation in 21 exploratory blocks in the country.

Learn More About TotalEnergies

TotalEnergies SE is a business group in the petrochemical and energy sector with headquarters in Paris, France. Currently, the company operates in over 130 countries, including Brazil, and employs around one million people. Founded by Ernest Mercier in 1924, it now has a revenue of $205.8 billion.

Petrobras Holds Vote Among Shareholders for New Company Board; Now, Union Has Less Space and Relevance

On Wednesday, the 13th, the assembly of Petrobras shareholders voted on issues that could contribute to the political shielding of the company, beyond the change of president and the renewal of the Board of Directors. The notice includes changes to the Bylaws that reinforce Petrobras governance, which makes it harder for the controller to interfere in the state-owned company.
Among the issues raised in the vote for the new Petrobras Bylaws was the shielding of the Director of Governance and Compliance, who will only be admitted or dismissed through a qualified quorum, meaning at least two-thirds approval from the Board will be required. The operation of committees will also be more pronounced, with the involvement of the People and Minority Committees when proposals for amendments to the bylaws regarding the criteria for appointing members of the board and the Board of Directors are made. Interested? To learn more is simple: just click here to read the full article about the presidency of the state-owned company that partnered with TotalEnergies and Shell.