Petrobras Receives R$ 4.7 Billion Payment from TotalEnergies for Its Stake in the Atapu Field in Pre-Salt Oil Production

Written by Ruth Rodrigues

Published on 27/04/2022 at 14:54

Foto: REUTERS/Paulo Whitaker

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The Atapu Field, Responsible for a Large Portion of Petrobras’ Pre-Salt Oil Production, Was the Reason for the Billion-Dollar Payment Made by TotalEnergies to the State-Owned Company, as It Will Have a Stake in the Resource’s Exploration in This Structure

During last Tuesday (04/26), the Brazilian state-owned company Petrobras announced the receipt of a compensation payment from TotalEnergies amounting to R$ 4.7 billion. This payment is due to the company’s participation in oil production through the pre-salt in the Atapu field, one of the most important for the company currently for the exploration of raw material in the national territory.

Video: Atapu Field Was Acquired by the Brazilian State-Owned Company, TotalEnergies and Shell

YouTube video — ***The area will be explored for the next 35 years. Source: YouTube***

TotalEnergies Makes Compensation Payment of R$ 4.7 Billion to Petrobras for Its Minority Stake in Oil Production at the Atapu Field

The Brazilian state-owned company Petrobras announced this week that it received a compensation payment of 4.7 billion reais (approximately US$ 940.24 million) from TotalEnergies EP Brasil Ltda for the Atapu oil field, which has a focus on pre-salt oil exploration, one of the company’s and the global oil sector’s biggest bets for expansion over the coming years in Brazil and throughout the global production chain.

Thus, Petrobras also commented that this payment was made in reference to a 22.5% stake in a consortium formed between the company, Shell Brasil Petróleo Ltda (25%), and TotalEnergies. Therefore, the R$ 4.7 billion payment made by the company to the Brazilian state-owned firm was referencing this minority participation in the pre-salt exploration and oil production operations that will take place in the Atapu oil field, which belongs to the company.

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Consortium of Petrobras, TotalEnergies, and Shell Will Be Responsible for Joint Work for Oil Production in the Pre-Salt Exploration Field of Atapu

After the consortium formed between Petrobras, with a total stake of 52.5%, Shell with 25%, and TotalEnergies with 22.5%, the companies agreed in December of last year to acquire surplus volumes that were auctioned by the Brazilian government for the Atapu oil production field. However, the surplus volumes in question were never disclosed by the government for the continuation of the partnership between the three companies in this initiative.

Despite this, the companies will now work together to develop the remaining resources in the Atapu pre-salt field, where production began in June 2020 through the floating production, storage, and offloading vessel P-70. Additionally, compensation payments will also be essential for the production sharing contracts since Petrobras intends to increasingly expand the exploration of the resource in the field.

Finally, after the completion of the production sharing contracts, the stakes of Petrobras, Shell, and TotalEnergies in Atapu will be reorganized to align the recoverable reserves that each company will be entitled to, ensuring fair production and acquisition for the three companies involved in the consortium. Petrobras and TotalEnergies are also in negotiation for another similar partnership, but the project is still in the early stages.

Petrobras Receives R$ 4.7 Billion Payment from TotalEnergies for Its Stake in the Atapu Field in Pre-Salt Oil Production

The Atapu Field, Responsible for a Large Portion of Petrobras’ Pre-Salt Oil Production, Was the Reason for the Billion-Dollar Payment Made by TotalEnergies to the State-Owned Company, as It Will Have a Stake in the Resource’s Exploration in This Structure

Video: Atapu Field Was Acquired by the Brazilian State-Owned Company, TotalEnergies and Shell

TotalEnergies Makes Compensation Payment of R$ 4.7 Billion to Petrobras for Its Minority Stake in Oil Production at the Atapu Field

Consortium of Petrobras, TotalEnergies, and Shell Will Be Responsible for Joint Work for Oil Production in the Pre-Salt Exploration Field of Atapu

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Petrobras Receives R$ 4.7 Billion Payment from TotalEnergies for Its Stake in the Atapu Field in Pre-Salt Oil Production

The Atapu Field, Responsible for a Large Portion of Petrobras’ Pre-Salt Oil Production, Was the Reason for the Billion-Dollar Payment Made by TotalEnergies to the State-Owned Company, as It Will Have a Stake in the Resource’s Exploration in This Structure

Video: Atapu Field Was Acquired by the Brazilian State-Owned Company, TotalEnergies and Shell

TotalEnergies Makes Compensation Payment of R$ 4.7 Billion to Petrobras for Its Minority Stake in Oil Production at the Atapu Field

Consortium of Petrobras, TotalEnergies, and Shell Will Be Responsible for Joint Work for Oil Production in the Pre-Salt Exploration Field of Atapu

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While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

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The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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