Petrobras is negotiating the sale of a stake in the most coveted areas of the pre-salt – close to the mega fields Lula and Sapinhoá – to the French group Total.
The transaction is part of a strategic partnership agreement announced by the two companies in October and should also include two thermal plants and the lease of a gasification terminal in Bahia.
The objective is to conclude the operation later this year, helping Petrobras obtain US $ 15.1 billion from the sale of assets until December. These resources will be used to reduce the level of indebtedness of the company.
So far, Petrobras has received US $ 10.7 billion by divesting companies in Argentina and Chile, distribution and gas transmission assets, distributor Liquigás and Carcará field.
The fields under negotiation with Total are in blocks BMS-9 and BMS-11 in the Santos Basin – a region considered the crown jewel of the pre-salt because it includes the two largest fields in production in the country.
Lula and Sapinhoá are not going to enter the business, but the infrastructure set up in these fields for the disposal of natural gas can be shared, reducing the costs of new investments.
In addition, the area allows to jointly use features such as logistics for transporting supplies and personnel to the platforms.
According to the National Petroleum Agency (ANP), Lula is the field with the largest production in the country, with 639.7 million barrels per day, followed by Sapinhoá, with 264 million barrels per day.
The Iara, Berbigão, Sururu and Oeste de Atapu fields (located on the BMS-11 block, where Lula is located) can be included in the Total package, as well as the Lapa field (at BMS-9, next to Sapinhoá).
The expectation is that there will be a dispute between Total and Shell for the fields that are in the BMS-11 block. Shell and Portugal’s Galp are already members of Petrobras in this block, with 25% and 10% stake, respectively. As partners, you have the right of first refusal and could cover the proposal made by Total