What Total’s arrival in Whaoo and Itaipu projects represents


March 9, 2018

In a new expansion of its E & P portfolio, with the completion of the acquisition of Maersk Oil, Total becomes a partner of two more projects in the Brazilian offshore exploration phase.

The discoveries in Total’s portfolio are in blocks C-M-61 and C-M-101, operated by Anadarko – which has even tried to sell assets in the past. In operation for 12 years, the projects still do not have a defined horizon of new investments.

In all, 12 wells were drilled, ten of them with confirmed indications. A 2010 drill test in Wahoo (C-M-101) indicated a production potential of 15,000 boe / day in the well, according to Anadarko’s information at the time.

With the acquisition, the composition of the consortium of the CM-61 is Anadarko (33%), BP (40%) and Total (27%), and CM-101, Anadarko (30%), BP (25%) and Maersk (20%).

The biggest highlights of Total’s acquisition of Maersk Oil, however, are expansion in the North Sea, where the French oil company expects to produce 500,000 boe / day by 2020 in assets in Denmark, Norway and the United Kingdom.

Total in Brazil

Over the past five years, Total has expanded its presence in the oil and energy sectors in Brazil, including natural gas logistics infrastructure – a strategy still without clear new projects, but that seems to be in line with the company’s future growth as a local oil supplier and natural gas.

More recently, Total has partnered with Petrobras to take over the operation and 35% of Lapa in the Santos pre-salt plant – already active with the FPSO Cidade de Caraguatatuba – in an agreement that included 22.5% of the fields in Sururu, Berbigão and Oeste de Atapu (former Iara area), subject to the unitization with the  of Iara, onerous assignment, 100% Petrobras.

Total also signed the purchase of 50% of Termobahia in order to become a partner in the Rômulo de Almeida and Celso Furtado thermal plants, which are connected to the Petrobras LNG terminal in Bahia.

In the same agreement that culminated in asset purchases in Santos and Bahia, there is also a forecast of sharing of regasification infrastructure and gas pipelines. No announcement formalizing this part was made since the signing of the terms in December 2016, but signals the company’s preparation to develop projects in the areas of gas and energy.

The company is in Libra, which is expected to start producing oil with its first definitive system in 2021, with gas export from 2022 – before that, the gas will be injected. Total is a partner in Gato do Mato, another asset of the Santos pre-salt, operated by Shell; and is a partner of Petrobras and Statoil in deepwater projects in Espírito Santo – a region that ended up lacking investment in Santos’ demand, but is one of the promises to develop new offshore areas outside the pre-salt polygon. That is, Total has offshore assets in all the Southeast basins, in the exploration, development and production phases.

At the same time, Total leading the operation of five blocks in Foz do Amazonas, and is a partner in projects in Ceará and Barreirinhas. Even in Foz, it has the most advanced drilling campaign among the projects tendered in the 13th round.

Total is also the operator of Xerelete, a heavy oil field in the Campos Basin, but has no defined investment decision for investments in the production system.

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