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Monday, 08 August 2022

E Energy Management

Major oil companies secure stakes in Brazilian offshore blocks

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Major oil companies have secured stakes in multiple Brazilian offshore blocks in the fourth Production Sharing Bidding Round.

The consortium of three oil companies, Equinor, ExxonMobil and Petrogal Brasil, secured a stake in the Uirapuru block located in the Santos Basin by placing the winning bid, offering the government 75.49% of oil after covering costs.

Under the arrangement, Equinor, ExxonMobil and Petrogal Brasil will hold a 28%, 28% and 14% stake respectively in the Uirapuru production sharing contract.

Brazil’s state-run oil firm Petrobras will be the block’s operator with a 30% stake.

The pre-determined signature bonus to be paid by the consortium is nearly $682m.

The Dois Irmãos producing sharing contract was won by the consortium of Petrobras (45% and operator), Equinor (25%) and BP (30%) by placing the highest bid (16.43% profit oil).

Located in the Campos basin, the Dois Irmãos block is situated adjacent to an area where Equinor, along with its partners, secured four high potential blocks in the licensing round held last March.

The selected consortium will pay a pre-determined signature bonus of around $103m for this block.

Equinor exploration executive vice-president Tim Dodson said: “The prolific basins offshore Brazil represents world-class exploration acreage.

“The results from this and previous bid rounds have added highly prospective acreage to Equinor’s exploration portfolio, allowing us to maintain a significant activity and pursue high-value prospects in Brazil in the years ahead.”

Overall, the Brazilian Government is estimated to receive $800m in fixed signing bonuses in this bidding round, reported Reuters.

The bidding round also saw winning bids from other oil producers, including Chevron and Royal Dutch Shell.


Source: Offshore Technology

Global Energy Insight, established in 2017, as an independent online journal focused on offering Global coverage of up-to-date news and technological advances