Petrobras Expected To Take Over BP Block in Foz do Amazonas After Total's Withdrawal

Petrobras Expected To Take Over BP Block in Foz do Amazonas After Total’s Withdrawal

Written by Valdemar Medeiros

Published on 23/10/2020 at 09:58

Updated on 23/10/2020 at 09:59

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After Total and BP Withdraw and Transfer Rights of Blocks in the Mouth of the Amazon Basin, Petrobras Will Take Over

The French oil company Total has transferred its rights over five blocks in the Mouth of the Amazon Basin, off the coast of Brazil, to Petrobras, the national oil company, and will exit the basin. It’s worth noting that Total announced in early September its decision to withdraw from operating the five exploratory blocks in ultradeep waters, 120 kilometers off the Brazilian coast.

Petrobras Expected to Take Over This Month

The market leader Petrobras is expected to take over the operation of BP’s block in the Mouth of the Amazon, all information was released by ANP. “With this agreement and in accordance with the joint operation agreement, Petrobras aims to increase its stake to up to 70%, depending on BP’s right of preference, which is also part of the consortium,” Petrobras stated.

Finally, after the changes, Petrobras will operate the following blocks: blocks FZA-M-57, FZA-M-59, FZA-M-86, FZA-M-88, FZA-M-125, and FZA-M-127, all of which were previously in partnership with BP, Enauta (FZA-M-90), PetroRio (FZA-M-254 and FZA-M-539).

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Why Did Total and BP Transfer Rights to Petrobras?

Total and BP requested some licenses to begin drilling in the blocks of the Mouth of the Amazon; however, all requests made by the companies were denied by IBAMA.

According to Ibama, BP and Total did not conduct sufficient studies to begin drilling activities. There was also a lack of approval from the neighboring country, which is Guyana, since in the event of oil spills, the country could be harmed. Total and BP even attempted to negotiate a new license, but found no justifications for future investments in that region.

Petrobras Expected To Take Over BP Block in Foz do Amazonas After Total’s Withdrawal

After Total and BP Withdraw and Transfer Rights of Blocks in the Mouth of the Amazon Basin, Petrobras Will Take Over

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Why Did Total and BP Transfer Rights to Petrobras?

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Petrobras Expected To Take Over BP Block in Foz do Amazonas After Total’s Withdrawal

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