June 25, 2019
The technical area of the Administrative Council for Economic Defense (Cade) recommended the approval, without restrictions, of Petronas’ entry into the Espadarte and Tartaruga Verde projects operated by Petrobras in the Campos Basin. The decision is part of an opinion signed by Alexandre Cordeiro Macedo, Superintendent General of Cade.
Petrobras announced in April that it has closed with Petronas the acquisition of 50% of the Tartaruga Verde field and module 3 of the Espadarte field. The operation is valued at US $ 1.29 billion. The operation marks the entry of Petronas into the oil production market in Brazil.
The Tartaruga Verde field began operations in July 2018 and currently produces about 100,000 barrels per day of oil and 1.2 million cubic meters per day of gas. Module 3 is an area of the Espadarte field to be developed in an integrated way with the Tartaruga Verde field, with prediction of the first oil in 2021.
The FPSO Cidade de Campos dos Goytacazes produced 100,000 barrels of oil per day and 1 million cubic meters per day of natural gas in the first four months of this year. The system has seven production wells interconnected to the Tartaruga Verde reservoirs. From this same FPSO, Petrobras intends to develop one of the reservoirs of Espadarte, including in the negotiation with Perenco.