English 
Spanish 
3 min read
Associative contract between Equinor and Repsol Sinopec is approved without restrictions by the Administrative Council for Economic Defense (Cade)
Equinor and Repsol Sinopec are authorized to manage part of the natural gas reserves in block BM-C-33, in the Campos Basin offshore. This Tuesday (03/08) the Administrative Council for Economic Defense (Cade) approved the associative contract between the two global oil giants.
Read also
- Flotel OOS Tiradentes returns to work for Petrobras in the Campos Basin this August for the offshore campaign of the P-40 platform
- PetroRio receives ANP approval and becomes dominant operator of the Tubarão Martelo field in the Campos Basin
- Incentives for the oil and natural gas sector have errors that jeopardize their application
According to the companies, the block in the Campos Basin is in the commerciality evaluation phase and that the future activities of the concession receive significant influence from the recognition of economically viable means for the commercialization of natural gas production.
“The operation encompasses the joint prospecting and evaluation of potential customers, as well as the establishment of commercial conditions to be observed for joint negotiation, which may result in the formalization of long-term gas supply contracts ('gas sales agreements' or 'GSAs'), individual for each applicant”, said the oil companies.
- Oil exploration on the Equatorial Margin: 16 billion barrels and 326 thousand jobs that can transform Amapá and Brazil
- Billion-dollar offshore deal: PRIO invests US$1,92 billion and takes over 40% of giant offshore field in Brazil after Chinese companies leave
- New gas discovery in South America takes Venezuela to 300,9 BILLION barrels, surpasses Saudi Arabia, Canada and Iraq, and leaves the Middle East eating dust!
- Federal government approves and pre-salt oil will be auctioned! New Chinese dominance?
Cade does not observe risks to competition in the natural gas market
Cade explained that it does not see risks of the association between the companies on impacts on competition, considering "the small market shares in the natural gas production of the Repsol Group and Equinor Group in Brazil".
Equinor and Repsol Sinopec informed the agency that the long-term sale of the block's gas reserves should have a "direct impact" on its ability to make viable the investments required for the development of commercial discoveries in the concession.
Offshore asset BM-C-33 operated by Equinor and other companies in the Campos Basin
Equinor has held the operation since September 2016 and a 35% stake in the BM-C-33 block, located in 2.900 meters of water depth in the Campos Basin. The block was acquired in the seventh round of bidding (in 2005) and the partnership also includes Repsol (35%) and Petrobras (30%).
In the block, currently in the exploration phase, three pre-salt discoveries were made: Seat (2010), Gávea (2011) and the large discovery of gas and condensate at the Pão de Açúcar prospect, announced in 2012.
A total of four offshore appraisal wells were drilled on the block, confirming a total recoverable hydrocarbon volume estimated at around 1 billion barrels of oil equivalent.
