QatarEnergy, in a consortium with TotalEnergies and Petronas, has been awarded the Sépia Surplus Production Sharing Contract (PSC), under the Second Transfer of Rights Surplus Bidding Round, by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Under the terms of the PSC and associated agreements, QatarEnergy will hold a 21% interest in the PSC, alongside operator Petrobras (30%), TotalEnergies (28%) and Petronas (21%).

Located in water depths of about 2,000 meters off the coast of Rio de Janeiro in the prolific Santos Basin, Sépia is a multi-billion barrel, pre-salt oil field. Production from the Sépia field started in August 2021 through a dedicated Floating Production, Storage and Offloading unit (FPSO) with a production capacity of 180,000 barrels of oil per day. A second FPSO is expected to be sanctioned in the near future to increase the overall production capacity of the field to more than 350,000 barrels of oil per day.

Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy said: 
“We are delighted with this successful joint-bid to secure an interest in this world-class asset. This achievement marks a significant expansion of our business in Brazil, a key country for QatarEnergy, as we continue to deliver our growth strategy focused on energy efficient hydrocarbon development and supply.”

His Excellency Minister Al-Kaabi added,
“We are particularly pleased to achieve this landmark deal with our esteemed partners, Petrobras, TotalEnergies and Petronas, and we look forward to working with them to achieve the full potential of this important asset. I would like to take this opportunity to thank the ANP and the Brazilian authorities for this opportunity and for their ongoing support and valuable cooperation.”

The acquisition, which is expected to close in the first half of 2022, further establishes QatarEnergy as one of the leading upstream players in Brazil where it already holds working interests in a producing field and numerous exploration blocks.