Total assumes 50% share of Petrobras in Xerelete Sul block

Total assumes 50% share of Petrobras in Xerelete Sul block

The French oil company Total took over Petrobras’ 50% stake in the Xerelete Sul block in the Campos Basin, still under development, and now holds 100% of the concession. The transfer has already been approved by the Administrative Council for Economic Defense (Cade).

The operation consists of the free transfer of the participation of the Brazilian state-owned company. In the opinion of Cade, Petrobras argues that it decided to exit the Xerelete Sul exploration project, because the asset “was not prioritized in the review of its portfolio, representing for Total a growth opportunity in Brazil in line with its commercial strategy.”