Total and Petrobras have announced that they have made significant progress in the scope of their strategic alliance, signed in March 2017:
The first concrete results of jointly implemented R&D projects. Examples of such work include in particular:
- With regard to artificial intelligence: new automatic techniques to identify geological faults, leading to significant efficiency gains.
- With regard to low-permeability reservoirs: new processes and tools to locate the potentially most productive areas, with direct applications on fields like Sururu (Iara concession).
The transfer of rights of the remaining 10% from Petrobras to Total in the Lapa field for a consideration of $50 million.
Following this transaction, which remains subject to approval by the relevant Brazilian authorities, Total, operator of the field located in the pre-salt Santos Basin, will hold a 45% working interest alongside Shell (30%) and Repsol-Sinopec (25%).
The signing of a binding Master Agreement between Total Eren and Petrobras for the creation of a Joint Venture by July 31, 2019 to develop onshore projects in the solar and wind segments in Brazil.
The Joint Venture will look to build up to 500 MW of installed capacity over the next five years.
“We are very pleased to strengthen our presence in the Total-operated Lapa field in the Santos Basin, the first pre-salt producing field operated by an IOC in Brazil, and to extend our strategic alliance with Petrobras to renewable developments through Total Eren in Brazil,” Patrick Pouyanné, Chairman and CEO of Total, said. “Once more, we demonstrate the importance of joint investment opportunities, and reinforcing the technological cooperation existing between our two companies.”
In addition, Total and Petrobras will keep pursuing new business opportunities in the natural gas chain in Brazil.