Petrobras Will Pay $472 Million to Partners for Lula, Atapu, and Sépia Fields in RJ

With The Agreements, Petrobras Now Holds 67.2% Participation In The Shared Lula Field, 89.3% In Atapu And 97.6% In Sépia.

Petrobras announced yesterday (13), in a statement that it signed agreements for cost and volume equalization (AEGV) with the companies in the consortiums of the shared fields of Lula, Atapu, and Sépia, in Rio de Janeiro. Petrobras Puts Four Oil-Fired Thermoelectric Plants Up For Sale

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As a result of the equalization process in the fields, Petrobras will pay the other consortium members and their affiliates an approximate net amount of 472 million dollars, still subject to exchange rate and financial updates until the settlement date, which will occur in the second quarter of 2020.

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The agreement comes after, last year, the individual production agreements (AIP) for the fields were approved by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Unitization is necessary when an oil field discovered exceeds the boundaries of the contract for another area, which may belong to the government or be contracted by another consortium.

The approval of the AIPs by the Agency resulted in the “definition of the proportional participations of each company in the shared fields, which requires a rebalancing between revenues and expenses incurred by each party since the beginning of the concession and onerous assignment contracts,” the state company said in a statement.

With The Agreements, The State Company Now Holds 67.2% Participation In The Shared Lula Field, 89.3% In Atapu And 97.6% In Sépia.

The Shared Lula Field Occupies An Area Contracted 100% By Petrobras, Another Region Owned By Petrobras, Shell, And Petrogal (Of Galp), In Addition To An Unbidded Area, Which Belongs To The Union.

Meanwhile, The Atapu Field Is In An Area Contracted By A Consortium Of Petrobras, Shell, Total, And Petrogal, Another Area 100% Owned By Petrobras And A Region Also Not Contracted By The Union.

In The Case Of Sépia, The Shared Field Is Present In A Contract Only By Petrobras And In Another That Belongs To A Consortium Between Petrobras And Petrogal.