A consortium of oil firms was awarded the Sepia Surplus Production Sharing Contract (PSC) by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) on Friday, according to a statement.
According to the statement, QatarEnergy will hold a 21 percent interest in the PSC, with Petrobras holding 30 percent, TotalEnergies holding 28 percent, and Petronas holding 21 percent.
“We are delighted with this successful joint-bid to secure an interest in this world-class asset. This achievement marks a significant expansion of our business in Brazil, a key country for QatarEnergy, as we continue to deliver our growth strategy focused on energy efficient hydrocarbon development and supply,” Saad Al-Kaabi, the Minister of State for Energy Affairs for Qatar, and president and CEO of QatarEnergy said in the statement.
Sepia is located is located around 2 kilometres off the coast of Rio de Janeiro and is a multi-billion barrel, pre-salt oil field. Production began in the field in August 2021 through a floating production, storage and offloading unit, with a production capacity of 180,000 barrels of oil per day. According to the statement, a second unit is expected to be sanctioned in the near future which will increase the oil field’s production to 350,000 barrels of oil per day.
“We are particularly pleased to achieve this landmark deal with our esteemed partners, Petrobras, TotalEnergies and Petronas, and we look forward to working with them to achieve the full potential of this important asset. I would like to take this opportunity to thank the ANP and the Brazilian authorities for this opportunity and for their ongoing support and valuable cooperation,” Al-Kaabi added.
The deal is expected to close in the first half of next year.
