PETRONAS Signs Production Sharing Contract for Agua Marinha Block in Brazil

Kuala Lumpur, 31 May 2023 – PETRONAS’ subsidiary, PETRONAS Petróleo Brasil Ltda. (PPBL) has signed a Production Sharing Contract (PSC) with Petrobras, TotalEnergies and QatarEnergy for the Agua Marinha exploration block located in the Campos Basin, offshore Brazil.

PPBL and its consortium partners won the block during the first cycle of Brazil’s open acreage under production sharing regime bid in December 2022. PPBL holds a 20 per cent participating interest in the 1,300-square kilometre block with water depths of up to 2,600 metres.

Under the PSC terms, Petrobras will be the operator with a 30 per cent participating interest, while TotalEnergies holds 30 per cent and QatarEnergy holds 20 per cent.

PETRONAS Vice President of Exploration, Mohd Redhani Abdul Rahman said, “This milestone reinforces PETRONAS’ steadfast commitment in developing and monetising assets in the Campos Basin, to ensure greater alignment with our growth agenda in a continuously evolving energy landscape.

“We will continue to collaborate closely with the host authority and our partners to unlock the block’s hydrocarbon potential,” he added.

PPBL also holds participating interests in the Tartaruga Verde (BM-C-36 Concession) and Module III of the Espadarte (Espadarte Concession) deepwater fields, as well as three deepwater exploration blocks, C-M-541, C-M-661 and C-M-715, in the Campos Basin, and pre-salt Sépia oil field (Sépia Transfer of Rights (ToR) Surplus PSC) in the Santos Basin.