Petróleo Brasileiro S.A. – Petrobras reports that it has acquired 29 blocks in the Pelotas basin in the 4th Permanent Concession Offer Cycle of the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Petrobras acquired blocks P-M-1739, P-M-1737 and P-M-1797 in partnership with CNOOC Petroleum Brasil Ltda (CNOOC) and Shell Brasil Petróleo Ltda (Shell). The consortium will have Petrobras as operator, with a 50% stake, in partnership with Shell (30%) and CNOOC (20%).
In partnership with Shell, Petrobras acquired blocks P-M-1277, P-M-1279, P-M-1281, P-M-1361, P-M-1363, P-M-1441, P-M-1443, P-M-1357, P-M-1359, P-M-1439, P-M-1516, P-M-1518, P-M-1595, P-M-1597, P-M-1793, P-M-1795, P-M-1838, P-M-1840, P-M-1520, P-M-1522, P-M-1599, P-M-1674, P-M-1676, P-M-1678, P-M-1743, P-M-1799. The consortium will have Petrobras as operator, with a 70% stake, and Shell with a 30% stake.
The value of the signature bonus to be paid in April 2024 by the company is around R$ 116 million. In addition to the signature bonus, the Minimum Exploratory Program (MEP) to be applied to each block, expressed in Work Units (WUs) – which cover the activity to be carried out during the exploratory activity – was also considered as a criterion for judging the auction.
The table below summarizes the results of Petrobras’ participation in the ANP’s 4th Permanent Concession Offer Cycle:
The participation in the 4th Cycle of the Permanent Concession Offer is in line with the company’s long-term strategy of working in partnership to diversify its portfolio and strengthen Petrobras’ profile as the main operator of oil fields located in ultra-deep waters, boosting the recomposition of reserves for the company’s future.
Petrobras acted selectively in the auction to ensure the incorporation of almost 20,000 km2.
Brazil Energy Insight 
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