PETRONAS Announces First Oil Discovery in Sépia Field, Brazil

KUALA LUMPUR, 8 November 2022 – PETRONAS Petróleo Brasil Ltda. (PPBL), a subsidiary of PETRONAS has announced its first oil discovery in 4-BRSA-1386D-RJS well in the pre-salt Sépia oil field.

The well is located in the prolific Santos Basin, about 250 km off the coast of Rio de Janerio, at a water depth of about 2,000 meters. The net oil column is one of the thickest ever recorded in Brazil.

This significant discovery was made within the Sépia Co-Participated Area, which covers the Sépia Transfer of Rights (ToR) contract (Petrobras, 100%) and the Sepia ToR Surplus Production Sharing Contract awarded to Petrobras (30%), TotalEnergies (28%), QatarEnergy (21%) and PBBL (21%), with Pré-Sal Petróleo S.A. (PPSA) as manager. PPBL and its consortium partners won the Sépia ToR Surplus Production Sharing Contract during Brazil’s Second Transfer of Rights Surplus Bidding Round held in Rio de Janeiro in 2021.

PETRONAS’ Exploration Vice President, Mohd Redhani Abdul Rahman said, “We are extremely encouraged with this notable discovery in one of the world’s most prolific basins. PETRONAS and partners will continue to work closely, alongside the Host Government, to unlock more value creation and achievements together.”

“PETRONAS will also continue its decarbonisation efforts to sustainably develop and monetise the Sépia field, while strengthening our portfolio in the country. This is in line with our global growth strategy,” he added.

PPBL currently has participating interests in the Tartaruga Verde (BM-C-36 Concession) and Module III of the Espadarte (Espadarte Concession) deepwater fields located in the Campos Basin, offshore Brazil, and holds participating interests in three other deepwater exploration blocks in the Campos Basin (C-M-661, C-M-715 and C-M-541).