Petrobras, Total deliver subsurface breakthroughs

Dec. 26, 2018
Petrobras and Total have signed new documents concerning the strategic partnership they announced in January 2017.

Offshore staff

RIO DE JANEIRO ā€“ Petrobras and Total have signed new documents concerning the strategic partnership they announced in January 2017.

To date they have signed transactions that have led to a payment of $1.95 billion to Petrobras early this year.

This is in addition to $400 million that Petrobras can trigger concerning part of its investment in the Iara area fields in the presalt Santos basin, and $150 million as contingent payments.

As for the partnershipā€™s technology co-operations, the duo has so far developed AI-related techniques to identify geological faults, leading to efficiency gains; and new processes and tools to locate the potentially most productive areas in low-permeability reservoirs, with direct applications on fields such as Sururu (in the Iara concession).

Petrobras has also sold rights to Total in theLapa field in the presalt Santos basin for $50 million.

Pending approval by the Brazilian authorities, Total, as operator, will hold a 45% interest alongside Shell (30%) and Repsol-Sinopec (25%), in the surrounding block BM-S-9.

Currently Lapa is producing around 30,000 b/d of oil.

12/26/2018