TotalEnergies and its partners Petrobras, QatarEnergy and Petronas Petróleo Brasil (PPBL) have signed a production sharing contact (PSC) for the Agua Marinha block in the Campos Basin, offshore Brazil.
The block was awarded in the Open Acreage under Production Sharing Regime – 1st Cycle held by Brazil’s National Petroleum Agency (ANP) in December 2022.
Agua Marinha is a 1,300 square kilometer (500 square mile) exploration block located south of the Marlim Sul field and about 140 km (87 miles) offshore. The work program includes the drilling of a firm exploration well during the exploration period, TotalEnergies said in its statement.
“The signing of the Agua Marinha PSC expands our presence in this promising area of the Campos Basin, along with our three strategic partners, and we are looking forward to exploring the block and drilling the Touro prospect,” said Kevin McLachlan. Senior Vice President of Exploration at TotalEnergies.
“Offshore Brazil, with its low-cost and low-emission material resources, is a core area for the company. This block, together with the two South Santos basin concessions obtained in 2022, further strengthens our portfolio of ‘exploration in this area of high potential,’ he added.
TotalEnergies will participate in the block with a 30 percent interest, along with operator Petrobras (30 percent), QatarEnergy (20 percent) and PPBL (20 percent).
TotalEnergies’ exploration and production portfolio in Brazil currently includes 11 licenses, of which four are operated. In 2022, the company’s average production in the country was 104,000 barrels of oil equivalent per day.
TotalEnergies noted that it is also investing in the growth of the renewable energy segment in Brazil. Total Eren, a subsidiary of TotalEnergies, has 300 MW of solar and wind projects in operation. In October 2022, the company signed a partnership with Casa dos Ventos, Brazil’s leading renewable energy player, to jointly develop a 12 GW renewable energy portfolio.
In addition, Petrobras noted that it has signed two more PSCs, specifically for Norte de Brava, where Petrobras acquired the block in its entirety, and Sudoeste de Sagitario, a block that was acquired with a 60 percent stake in consortium with Shell (40 percent). .
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