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Total Exits the Foz Do Amazonas Basin

Total Exits the Foz Do Amazonas Basin

 

Total announces that it has reached an agreement on September 24(th) , 2020 to transfer to Petrobras its equity interest in five exploration blocks in the Foz do Amazonas Basin, located 120 kilometers offshore Brazil. These blocks are referenced as FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127.

The closing of the transaction is subject to the preemption rights of partners in the blocks and standard regulatory approvals.

About Total in Brazil

Total has been present in Brazil for over 40 years and has more than 3,000 employees in the country. The Group operates in all segments: exploration and production, gas, renewable energies, lubricants, chemicals, and distribution.

In 2019, the Group's production in the country averaged 16,000 barrels of oil per day. In October 2019, a consortium led by Total was awarded Block C-M-541, located in the Campos Basin, in the 16th Bidding Round held by Brazil's National Petroleum Agency (ANP).

In 2017, Total and Petrobras formed a Strategic Alliance encompassing exploration and production and gas, renewables and power activities. Through the Alliance, the two groups are implementing R&D projects on topics such as artificial intelligence leading to efficiency gains, with direct applications in Brazil. Total entered the fuel distribution market in Brazil with the acquisition in December 2018 of Grupo Zema's distribution activities. Total thus owns a network of 280 service stations, as well as several storage facilities for petroleum products and ethanol.

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Source: uk.advfn.com

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Published: 28-09-2020

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