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R$ 3 Billion Will Be Invested to Decommission Espadarte and Tartaruga Verde in the Campos Basin

Written by Flavia Marinho
Published on 17/01/2020 at 16:17
Petroleiras irão investir R$ 3 bi para descomissionar Espadarte e Tartaruga Verde na Bacia de Campos
Petroleiras irão investir R$ 3 bi para descomissionar Espadarte e Tartaruga Verde na Bacia de Campos
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The Malaysian Oil Company Petronas, New Partner in Campos Basin Projects, Will Be Responsible for 30% of the Investments Planned for Decommissioning

Oil companies will invest around R$ 3 billion for the decommissioning of the Espadarte and Tartaruga Verde fields in the Campos Basin, where R$ 1.9 billion will be spent on Espadarte and R$ 1.035 billion on Tartaruga Verde. Petrobras reports new oil discovery in the Campos Basin.

Petronas will have an approximate cost of R$ 820 million; the oil company acquired 50% of Tartaruga and module 3 of Espadarte in 2019. Of the R$ 607 million invested by the Malaysian oil company, R$ 303.5 million will be allocated to the decommissioning of module 3 of Espadarte

In Tartaruga Verde, the investment that will be the company’s responsibility will be R$ 517.7 million, compared to a total of R$ 1.053 million.

Petrobras is already deactivating modules 1 and 2 of the Espadarte field, which began producing in August 2000. The development of Module III of the project involves connecting a well to the FPSO Campos dos Goytacazes, which started production in June 2018 in Tartaruga Verde.

The National Petroleum Agency – ANP approved yesterday, January 16, the financial guarantee proposal presented by Petronas for the decommissioning of the projects.

The company suggested the establishment of a corporate guarantee, signing, with the regulatory agency and the operator Petrobras, a contract similar to an extrajudicial enforcement title, backed by the holding’s solvency.

During a collegiate board meeting, Aurélio Amaral, the process rapporteur, stated, “In other words, it would be an obligation to pay the regulatory agency instead of abandoning it.”

The executive expressed concerns about the Agency’s involvement with the type of financial analysis that will be required in such cases and suggested it seek the advice of certifying agencies, such as the CVM.

According to Décio Oddone, general director of the ANP, the use of corporate guarantees is common in other parts of the world and proposed conducting a study to understand how this is done and evaluate the adoption of best practices.

by BrasilEnergia

Flavia Marinho

Flavia Marinho é Engenheira pós-graduada, com vasta experiência na indústria de construção naval onshore e offshore. Nos últimos anos, tem se dedicado a escrever artigos para sites de notícias nas áreas militar, segurança, indústria, petróleo e gás, energia, construção naval, geopolítica, empregos e cursos. Entre em contato com flaviacamil@gmail.com ou WhatsApp +55 21 973996379 para correções, sugestão de pauta, divulgação de vagas de emprego ou proposta de publicidade em nosso portal.

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