Petrobras strengthening ties with global E&P players

Brazil’s federal oil company Petrobras is working to strengthen ties with global exploration and production players, especially aiming at the energy transition and ESG initiatives.  

CEO Jean Paul Prates signed an MOU on Thursday with Shell's chief executive Wael Sawan (in photo) to identify business opportunities in the upstream segment, sharing experiences and best practices in carbon emission reductions and socio-environmental initiatives. 

The agreement focuses on potential exploration opportunities inside and outside the pre-salt, including the equatorial margin. 

The energy transition efforts focus on renewables and carbon capture, utilization and storage (CCUS). 

The MOU with the Anglo-Dutch firm follows a deal with Norway’s Equinor recently announced by Petrobras for the development of offshore wind projects. 

Both Shell and Equinor are important partners of the Brazilian state-run company in the offshore E&P segment. 

Equinor holds 25% of the Petrobras-operated Roncador field, in the Campos basin, which produced around 150,000boe/d in January, according to data from watchdog ANP. 

The company is also a partner of the Brazilian oil giant in exploration blocks in the Campos and Santos basins, such as C-M-657, C-M-709, Uirapuru and Dois Irmãos. 

Shell is part of the Libra block consortium, which is responsible for the development of the Mero field, in the Santos basin pre-salt. 

Mero currently produces through the Guanabara FPSO (300,000boe/d in January), but its output will significantly increase by 2027 with the installation of the Sepetiba, Marechal Duque de Caxias and Alexandre de Gusmão platforms. 

Led by Petrobras, the Libra consortium is also formed by France’s TotalEnergies and China’s CNOOC and CNPC. 

Shell also holds stakes in the Tupi and Sapinhoá fields, the largest and fourth biggest oil and gas producers in the country, as well as in the Atapu, Berbigão and Sururu fields. 

In the exploration phase, the European major is a partner of Petrobras in several offshore blocks, such as Três Marias, Entorno de Sapinhoá, BM-S-50 (Sagitário discovery), POT-M-952 and POT-M-859. 

Besides Libra, TotalEnergies owns interests in the Petrobras-operated Atapu, Berbigão, Sururu and Sépia fields.

The CEO of the French major, Patrick Pouyanné, was among the leaders of global oil companies that met with Prates on Tuesday in Houston to discuss potential partnerships. 

Prates also met with Bernard Looney, CEO of BP Energy, which is a partner of Petrobras in the Peroba, Alto de Cabo Frio Central, Dois Irmãos and C-M-477 blocks, and Tengku Taufik of Petronas (partners in the Tartaruga Verde, Espadarte and Sépia fields). 

Other important offshore partners of Petrobras include Petrogal (Tupi, Berbigão, Oeste de Atapu, Sururu and Sépia fields, and Uirapuru block); Repsol Sinopec (Sapinhoá field and Entorno de Sapinhoá block); CNOOC and CNODC, which hold stakes in the giant Búzios field, among other assets; Qatar Petroleum (Sépia field); and ExxonMobil, in eight Campos basin blocks. 

COLOMBIA

On Thursday, Prates met with Colombia's mines and energy minister Irene Vélez to discuss the prospects for producing natural gas in the country's Tayrona block, a priority area Petrobras holds in partnership with Colombian state oil company Ecopetrol. 

Last July, an accumulation of natural gas was discovered there via the Uchuva-1 well, drilled in deep water. Further wells are planned to be drilled in the next two years. 

According to Petrobras, the discovery increases the prospects for developing a new exploration and production frontier in Colombia and opens the way for new initiatives to make better use of the region's oil and gas reserves.