Petrobras Gets Approval From CADE and Acquires Total's Stake in 5 Oil Blocks in Amazonas

Petrobras Gets Approval From CADE and Acquires Total’s Stake in 5 Oil Blocks in Amazonas

Written by Flavia Marinho

Published on 03/02/2021 at 10:43

Updated on 03/02/2021 at 10:50

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Geologists Claim That Blocks Purchased by Petrobras in the Amazon May Contain More Oil Than Proven Reserves in the Gulf of Mexico

The competition defense agency Cade authorized the Brazilian oil company Petrobras to acquire all of the French Total’s interests in five oil and gas exploration blocks at the mouth of the Amazon. Good news for Brazil’s shipbuilding, the FPSO Carioca leased by Petrobras and operated by Modec arrives this week at the Brasfels shipyard for integration

The Blocks Purchased by Petrobras in the Amazon May Contain More Oil Than Proven Reserves in the Gulf of Mexico

When Total announced its interest in leaving the blocks at the mouth of the Amazon, Petrobras stated that the region is a “high-potential exploratory frontier” and that it would take the slice of the company if BP had no interest.

Geologists claim that the area may hold up to 14 billion barrels of oil, more than the proven reserves of the Gulf of Mexico.

But environmentalists have been trying to prevent oil exploration in the mouth of the Amazon since a coral reef was discovered nearby, which has already led the environmental organization Greenpeace to protest against companies’ activities in the area.

The blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125, and FZA-M-127 at the mouth of the Amazon are still in the exploratory phase, and it is not possible to estimate whether the activities will result in the discovery of oil and gas in volumes that justify investments in development and production.

Petrobras Gets Approval From CADE and Acquires Total’s Stake in 5 Oil Blocks in Amazonas

Geologists Claim That Blocks Purchased by Petrobras in the Amazon May Contain More Oil Than Proven Reserves in the Gulf of Mexico

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Petrobras Gets Approval From CADE and Acquires Total’s Stake in 5 Oil Blocks in Amazonas

Geologists Claim That Blocks Purchased by Petrobras in the Amazon May Contain More Oil Than Proven Reserves in the Gulf of Mexico

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