The oil and gas companies Total and Petrobras have completed their US$2.2bn agreement, under the terms of which Petrobras has sold stakes in two oilfields to Total.
The transaction includes the sale of Petrobras's stakes in two oil fields to Total, namely: a 22.5% share in the Iara concession (Santos basin) and a 35% stake in the Lapa concession (Santos basin). The Lapa field started operations in December 2016, via a 100,000 bbl/d FPSO. The Iara field is expected to come onstream in 2018 with the help of the 150,000 bbl/d P-68 FPSO in the Berbigão-Sururu fields and go up again in 2019 with the arrival of a second FPSO in the Atapu field.
The sale of a 50% stake in the TermoBahia cogeneration plants (Celso Furtado and Rômulo de Almeida thermal power plants in the State of Bahia) was included in the March 2017 agreement; it was blocked by the Brazilian 3rd Federal Court of Sergipe (north-east Brazil) in August 2017 in response to a class action filed by the Oil Workers' Union of Alagoas and Sergipe but the Federal Regional Court for the Fifth Region reversed this ruling in September 2017.
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