Consortium bags stake in Brazil’s Sépia field

Brazil

RIO DE JANEIRO, December 17, 2021 – A consortium consisting of Petronas, French multinational TotalEnergies, and Qatari NOC QatarEnergy have won their bid to produce surplus volumes on the pre-salt Sépia field, the Malaysian NOC announced on Friday.

The consortium won the bid by offering an oil profit share of 37.43% to the Brazilian government, defeating Brazilian NOC Petrobras’ 30.3% proposal.

However, Petrobras exercised its preferential rights to take a 30% stake in the venture.

Petrobras will operate the field, with TotalEnergies taking a 28% share and Petronas and QatarEnergy taking the remaining equal 21% shares.

The field is located in water depths of 2,000 metres off the coast of Rio de Janeiro on the Santos Basin.

Production began in August 2021 through a 180,000-bpd FPSO. A second FPSO will be commissioned to increase production of the field.

The award is part of Brazil’s Second Transfer of Rights Surplus Volume Bidding Round in Rio de Janeiro.

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