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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 that TotalEnergies made to the state company, as it will have a stake in the resource exploration in this structure
During last Tuesday, (04/26), the Brazilian state company, Petrobras, announced the receipt of a compensation payment from TotalEnergies in the amount of R$ 4.7 billion. 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 raw material exploration in the national territory.
Video: Atapu field was acquired by the Brazilian state company, TotalEnergies, and Shell
TotalEnergies makes a compensation payment of R$ 4.7 billion to Petrobras for its minority stake in oil production in the Atapu field
The Brazilian state company Petrobras announced this week that it received a compensation payment of 4.7 billion reais (940.24 million dollars) from TotalEnergies EP Brasil Ltda for the Atapu oil field, which has oil production focused on pre-salt exploration, one of the company’s and the global oil segment’s biggest bets for sector expansion in the coming years in Brazil and throughout the world’s production chain.
Thus, Petrobras also commented that this payment was made in reference to a 22.5% stake in a consortium made between the company, Shell Brasil Petróleo Ltda (25%), and TotalEnergies. Therefore, the payment of R$ 4.7 billion that the company made to the Brazilian state company was in reference to this minority stake 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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Furthermore, over the past few weeks, the European giant Shell deposited almost US$ 1.1 billion in the Brazilian state company for a stake in oil production also in the Atapu pre-salt exploration field. The compensation payment from both companies is covering the unrecoverable costs so far incurred by the operator Petrobras, which in 2010 received contractual rights to produce 550 million barrels of oil equivalent from Atapu. Thus, the state company will be able to benefit from these amounts for further investments within the production chain of the field over the coming years.
Consortium of Petrobras, TotalEnergies, and Shell will be responsible for working together for oil production in the Atapu pre-salt exploration field
After the consortium formed between Petrobras, with a total participation of 52.5%, Shell with 25%, and TotalEnergies with 22.5%, the companies agreed last December to acquire excess volumes that were auctioned by the Brazilian government for the Atapu oil production field. However, the excess volumes in question were never disclosed by the government for the continuation of the partnership among 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 oil production sharing contracts, as Petrobras intends to increasingly expand resource exploration in the field.
Finally, after the completion of the production sharing contracts, the shares of Petrobras, Shell, and TotalEnergies in Atapu will be reorganized to match the appropriate recoverable reserves to which each company will be entitled, as a way to ensure fair production and acquisition for the three companies involved in the consortium. Petrobras and TotalEnergies are also in negotiations for another partnership of this type, but the project is still in its early stages.
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