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The Brazilian Oil Giant Petrobras Expands Investments in Northern Brazil and Acquires Stakes in Oil Exploration Blocks from the BP Oil Company
The Brazilian state-owned company Petrobras informed in a relevant fact yesterday (04/06) that it signed an agreement with the BP Bunge oil company to assume all of the British company’s interests in 6 exploratory oil and gas blocks in ultra-deep waters at the mouth of the Amazon, about 120 kilometers from Amapá. Workers from the Petrobras Repar refinery die from Covid-19; oil workers organize a strike in defense
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The operation follows Petrobras reaching agreements also with another partner in most of these assets, the French company Total, amid difficulties in advancing licensing processes in the region, considered environmentally sensitive.
“The agreement with BP will allow Petrobras to hold 100% of the participation in these six blocks”, the company stated in a market announcement on Tuesday (5).
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The Oil Blocks Involved in the Deal Were Acquired in Consortiums During the 11th ANP Bid Round in 2013.
Petrobras held a 30% stake in each block. In five of them, Total held 40% and BP 30%. In one of the blocks, BP’s stake was 70%.
The Brazilian oil company stated that the purchase of the entirety of these blocks “is in line with the Strategic Plan 2021-2025, which foresees new exploratory fronts outside the Southeast basins”.
The company also stated that it prioritizes investments “in world-class assets in deep and ultra-deep waters”.
According to Petrobras, the agreement with BP is still subject to approvals by regulatory authorities.
The previous understanding between the state-owned company and Total regarding the blocks is still awaiting approval from the National Agency of Petroleum, Natural Gas and Biofuels (ANP), but has already been approved by the Administrative Council for Economic Defense (Cade).
Petrobras and its partners in the blocks of the Foz do Amazonas Basin have faced difficulties in obtaining drilling permits in the area, after environmental licensing processes that began back in 2015.
The region where the assets are located extends along the coast of the State of Amapá and Marajó Island in Pará, and is home to the largest continuous belt of mangroves on the planet, as well as coral reefs.
As a result, oil exploration activities in the area have also faced opposition from environmentalists and non-governmental organizations, such as Greenpeace.
Greenpeace experts argue that the government should deny licenses for exploration activities in these blocks in order to preserve sensitive and still little-known ecosystems in the region, such as Amazon corals.
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