The partnership between the Brazilian oil company Petrobras, British Shell, and Chinese CNOOC has signed three concession contracts for oil blocks in the Pelotas basin offshore Brazil. The blocks P-M-1737, P-M-1739 and P-M-1797 were the remaining concession contracts to explore for oil and gas from Brazil’s 4th Bidding Cycle of the Permanent Concession Offer, offered by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) in December 2023. Petrobras will serve as operator with a 50% stake, while Shell and CNOOC will serve as partners with 30% and 20% stakes, respectively.
Petrobras acquired a total of 29 concession contracts in the auction of the 4th Bidding Cycle (26 signed in consortium with Shell with a 70:30 split), out of the 165 deep-water areas auctioned by ANP in Pelotas, a basin in the Atlantic Ocean off the southern state of Rio Grande do Sul.
At the end of 2023, Brazil had proven reserves of oil and condensates estimated at 2,021 Mt.
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