Brazilian National Petroleum Agency News

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to US$ 25 million and is subject to adjustments that are common to this type of operation. These fields are located in the Campos Basin, between 480 and 850 meters depth. Daily production averages 22 thousand barrels of oil and 325 thousand m3 of associated gas. The oil extracted is light, between 28º to 31º API. As part of the Petrobras’ Divestment Plan, this operation is related to the portfolio optimization in the Exploration and Production area, and is in line with the 2015-2019 Business and Management Plan.

Brazil’s Libra pre-salt field, in Block SS-AUP1 in the Santos Basin, with estimated recoverable oil volumes of 8-12 billion barrels of oil equivalent (BOE) and in place volumes of between 25-40 billion BOE, was the country’s first pre-salt field to be auctioned. The rules governing this historical auction have been shunned by important super-majors such as Exxon Mobil, Chevron and BP and also by major players such as the BG Group and Statoil. Many industry analysts were surprised that state-owned players from China, India and Malaysia dominated the list of companies that have agreed to the controversial terms imposed by the Brazilian government, through its National Petroleum Agency (ANP).