Malaysian energy group PETRONAS announced today that it’s subsidiary, PETRONAS Petróleo Brasil Ltda. (PPBL) has signed a Production Sharing Contract (PSC) with Petrobras, TotalEnergies and QatarEnergy for the Agua Marinha exploration block located in the Campos Basin, offshore Brazil. Under the PSC terms, Petrobras will be the operator with a 30 per cent participating interest, while TotalEnergies holds 30 per cent and QatarEnergy holds 20 per cent.
PETRONAS Vice President of Exploration, Mohd Redhani Abdul Rahman said, “This milestone reinforces PETRONAS’ steadfast commitment in developing and monetizing assets in the Campos Basin, to ensure greater alignment with our growth agenda in a continuously evolving energy landscape.
“We will continue to collaborate closely with the host authority and our partners to unlock the block’s hydrocarbon potential,” he added.
PPBL and its consortium partners won the block during the first cycle of Brazil’s open acreage under production sharing regime bid in December 2022. PPBL holds a 20 per cent participating interest in the 1,300-square kilometre block with water depths of up to 2,600 metres.
PPBL also holds participating interests in the Tartaruga Verde (BM-C-36 Concession) and Module III of the Espadarte (Espadarte Concession) deepwater fields, as well as three deepwater exploration blocks, C-M-541, C-M-661 and C-M-715, in the Campos Basin, and pre-salt Sépia oil field (Sépia Transfer of Rights (ToR) Surplus PSC) in the Santos Basin.
About PETRONAS
Petroliam Nasional Berhad, commonly known as PETRONAS, is a global Malaysian energy group with presence in over 100 countries. The company is headquartered at the PETRONAS Twin Towers, located in Kuala Lumpur, Malaysia. Established in 1974 and wholly owned by the Government of Malaysia, the corporation is vested with all oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources.
PETRONAS provides a substantial source of income for the Malaysian government, accounting for more than 15% of the government’s revenue from 2015 to 2020.
The group is engaged in a broad spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.
Source: Petronas
From The TradersCommunity News Desk