Race for Uirapuru

July 11, 2019

Petrobras partners in the project want to anticipate exploratory activities in the block of the 4th round of production sharing

The consortium formed by Petrobras, Equinor, ExxonMobil and Petrogal could anticipate the drilling of the first exploratory well in Uirapuru, the Santos Basin block from the 4th round of production sharing in 2018. The group has been discussing internally and with PPSA the requirements and procedures needed to start the campaign later this year.

Petrobras’ original plan was to start the campaign only in 2020, but the partners seek to anticipate the schedule, ensuring the execution of the program originally planned. The intention is to start drilling still in 2019, leaving the completion for next year.

The anticipation of the schedule depends on the final approval by Petrobras (operator) and the management of its portfolio of drill rigs against the already programmed demand of other projects. If the anticipation is agreed, the campaign will mark the first block drilling of the 4th round of sharing.

Together, Equinor (28%), ExxonMobil (28%) and Petrogal (14%) presented the best proposal for the acquisition of Uirapuru, offering a 75.49% profit to the Union. Petrobras had expressed a preference interest in the area and, after losing, opted to exercise the right to hold a 30% interest in the winning consortium.

With signing bonus of R $ 2,650 billion, Uirapuru was the most disputed area of ​​the 4th round of sharing, in which the areas of Três Marias, Dois Irmãos and Itaimbezinho were also offered. The winning consortium offered a surplus of 75.49% – compared to a minimum of 22.18% – for the asset, which also received proposals from consortia CNODC / CNOOC, Chevron / QPI / Shell and Petrobras / Total / BP.

Source: BE Petroleum

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