Petrobras confirmed on Friday that it received R$1.65 billion which equals about $320 million as earn-out payments from its partners in the Sépia and Atapu offshore blocks. TotalEnergies and Petronas and QatarEnergy made Sépia payments while Shell and TotalEnergies provided Atapu payments according to a compensation agreement which depended on Brent crude prices between US$40 and US$70 per barrel. The earn-out scheme spans payments from 2022 through 2032 which demonstrates Petrobras's strong cash flow from Brazil's pre-salt assets during unpredictable energy market conditions.
The Brazilian oil company also returned to African oil and gas operations through its acquisition of a 42.5% stake in offshore exploration Block 2613 in Namibia which the company operates together with TotalEnergies who also owns 42.5% of the project. The Namibian block which extends across 11,000 square kilometers in the Lüderitz Basin represents a major step for Petrobras to expand its business operations while supporting its 2026–2030 reserve recovery objectives. The acquisition process requires regulatory approvals which involve two minority shareholders who hold 5% and 10% interests in the project namely Eight Offshore Investment Holdings and Namcor Exploration and Production.
These developments highlight Petrobras’s strategic investments in both mature Brazilian offshore assets, like Sépia and Atapu, and burgeoning African exploration opportunities, strengthening its global footprint amid shifting energy dynamics.
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