July 24, 2019
Petrobras is expected to start drilling a well in the Sagitario prospectus next quarter, Repsol said in its financial report released Wednesday. The initial forecast was that the activity would take place in the second quarter, but the schedule was postponed.
Sagitario was awarded in the seventh round of ANP bids to the consortium formed by Petrobras (60%), Repsol (20%) and Shell (20%). It is located in block S-M-623, in the Santos Basin pre-salt, and the Discovery Assessment Plan ends at the end of October 2020.
Repsol has interests in eight blocks in Brazil, three in the Campos Basin (CM-539, 821, 823), three in Santos Basin (SM-619, 623, 764) and two in Espírito Santo (ES-M-414 and 667). The Spanish company also owns areas in the Sapinhoá (25%) and Lapa (25%) fields, in Santos Basin, and in the Albacora Leste (10%) fields, in Campos Basin.
Repsol’s production in April-June this year was 694,000 boe / d, down 3.9% from the same period of 2018 and 0.8% from the first quarter of 2019.
The company’s second quarter revenue was € 497 million, 9.5% lower than the same period last year and 19% lower compared to the first quarter of this year.