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The French Oil Giants TotalEnergies and Malaysian Petronas Will Also Be Part of the Production Sharing Regime
The oil and gas industry is preparing for a new phase of exploration in Brazil, with the signing of a production sharing contract between four major players in the sector. Petrobras, the Brazilian company, QatarEnergy from Qatar, TotalEnergies from France, and Petronas from Malaysia have joined forces to explore an offshore block, which was awarded during Brazil’s first open area cycle under a production sharing bidding regime conducted in Rio de Janeiro last year.
A Strategic Agreement from Petrobras
In the first permanent offering cycle of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), held in December 2022, QatarEnergy, TotalEnergies, and Petronas won the production sharing contract for the offshore Água Marinha block. Petrobras will be the operator of this block, while TotalEnergies will hold a 30% stake, and QatarEnergy and Petronas will each hold a 20% stake.
In addition to the Água Marinha block, Petrobras has also signed production sharing contracts for the offshore Norte de Brava and Sudoeste de Sagitário blocks. The signing of these contracts reaffirms Petrobras’s focus on the exploration and production of profitable assets and strengthens its profile as the leading operator of oil fields located in deep and ultra-deep waters. This also enhances the recomposition of reserves for the future.
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Promising Area in the Offshore Sector for Petrobras
The Água Marinha block covers an area of 1,300 square kilometers and is located in a water depth of about 2,000 meters off the coast of Rio de Janeiro, in the prolific Campos Basin. The work program includes drilling a firm exploration well during the exploration period. TotalEnergies highlighted the importance of the Brazilian offshore as a key area for the company, due to its low-cost and low-emission material resources. The oil and gas company sees this block as an opportunity to expand its presence in the Campos Basin’s pre-salt area.
Petronas also emphasized its commitment to develop and monetize assets in the Campos Basin. The oil giant views the agreement as an important milestone to ensure greater alignment with its growth agenda in an ever-evolving energy landscape. Thus, the company will continue to work closely with Petrobras and its partners to unlock the full potential of hydrocarbons in the offshore Água Marinha block.
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