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The Additional Payment of R$ 313 Million by TotalEnergies Is part of an Earnout Related to the Atapu Block. The Pre-Salt Area of the Santos Basin Was Auctioned by Petrobras in December 2022 in a Consortium with the Company.
The state-owned company Petrobras announced on Tuesday, (01/23), the receipt of an additional payment from TotalEnergies related to the Atapu Block, located in the pre-salt region of the Santos Basin. This is an earnout of R$ 313 million paid to the state-owned company regarding the future profits from the block. The company acquired the area in 2022, in a consortium with TotalEnergies and Shell.
TotalEnergies Makes Additional Payment of R$ 313 Million Related to an Earnout of the Atapu Block in the Pre-Salt Region of the Santos Basin
Petrobras received a strong cash boost at the beginning of this week when TotalEnergies made a payment of R$ 313 million related to an earnout for the Atapu Block.
An earnout is a payment portion corresponding to part of the acquisition price of a company and linked to compensation for the selling partners regarding the company’s future profits.
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Thus, the additional payment relating to the pre-salt area of the Santos Basin acquired by the state-owned company should not stop there.
The company stated in a press release: “Under Ordinance No. 08 of 04/19/2021 from the Ministry of Mines and Energy (MME) and the notice of the 2nd bidding round of the Surplus of the Onerous Assignment in the Production Sharing regime, held on 12/17/2021, earnout values were established for the Sépia and Atapu blocks.”
“They will be payable between 2022 and 2032, and due from the last business day of January of the year following the year in which the price of Brent oil reaches an annual average greater than US$ 40/bbl, limited to US$ 70/bbl,” the state-owned company added.
Therefore, as Petrobras stated, the total additional payment from TotalEnergies related to the earnout of the Atapu Block should take place by January 31, 2023.
With this, the company will achieve a strong cash reinforcement for the year 2023, when it will invest in the exploration of new areas in the pre-salt of the Santos Basin.
Petrobras Acquired the Pre-Salt Area of the Atapu Block in a Consortium with Shell and TotalEnergies in Late 2022
In December 2022, Petrobras, in a consortium with Shell and the French TotalEnergies, won the Atapu field in an auction for the onerous assignment held by the National Petroleum Agency (ANP).
The purchase of the Atapu Block took place under the production sharing regime, in which the winning companies are those that offer the State, from a minimum fixed percentage, the highest percentage of oil and natural gas produced.
Currently, the company holds a 52.5% stake in the block, while Shell and TotalEnergies own 25% and 22.5%, respectively.
During April 2022, Petrobras received R$ 5.26 billion from Shell regarding its 25% stake in the Atapu Block.
During the same period, TotalEnergies made a compensation payment of R$ 4.7 billion to Petrobras for its participation in the region.
Now, the additional payment from TotalEnergies to Petrobras for the Atapu Block ensures even more revenue for the state-owned company concerning the pre-salt area of the Santos Basin.
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