Petrobras signs three concession contracts in Pelotas basin offshore Brazil

Petróleo Brasileiro SA (Petrobras)has signed three concession contracts for blocks in Pelotas basin offshore Brazil.

The company signed the three remaining concession contracts related to awards in partnership with Shell and CNOOC from the 4th Permanent Concession Offer Cycle by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) auction in December 2023 to explore for oil and gas in the exploratory frontier (OGJ Online, Dec. 14, 2023).

The contracts for blocks P-M-1737, P-M-1739, and P-M-1797 conclude Petrobras' participation in the auction in which it acquired 29 concession contracts.

In the newly signed contracts, Petrobras will serve as operator with a 50% stake. Shell and CNOOC will serve as partners with 30% and 20% stakes, respectively.

In September, a Petrobras-Shell consortium signed 26 concession contracts (70/30 split) for the basin related to the auction (OGJ Online, Sept. 5, 2024)

In total, ANP put up for auction 165 deep-water areas in Pelotas, a basin in the Atlantic Ocean off the southern state of Rio Grande do Sul.