Friday 29 Mar 2024
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KUALA LUMPUR (Dec 17): Petroliam Nasional Bhd (Petronas) and its consortium partners have won the producing Sépia field in the Santos Basin offshore Brazil, during the country’s Second Transfer of Rights Surplus Volume Bidding Round held in Rio de Janeiro.

With the win, Petronas will hold a 21% interest in the field via Petrona Petróleo Brasil Ltda (PPBL), alongside operator Petrobras (30%), TotalEnergies (28%), and QatarEnergy (21%), Petronas said in a statement.

At a depth of 2,000 meters, Sépia is a pre-salt oil field located 200km off the coast of Rio de Janeiro.

The field started production in August this year through floating production storage offloading vessel FPSO Carioca chartered from Modec, which has capacity to process up to 180,000 bpd of oil and compress up to 6 million cubic meters of natural gas.

In its statement, Petronas said a second FPSO is expected to be sanctioned soon, which would increase the overall production capacity of the field.

“Petronas is extremely encouraged with the outcome of the bid round, which marks our entry into the Santos Basin,” said Petronas president and group chief executive officer Datuk Tengku Muhammad Taufik.

“This signals our commitment to strengthen our ventures in Brazil, which offers the world’s most prolific basins. Establishing our presence in the Americas is in line with our global growth strategy.

"Even as we work closely with our partners, together with the support of the Host Government, Petronas will remain focused on pursuing value creation, while continuing our decarbonising efforts in order to sustainably develop and monetise the Sépia field,” Muhammad Taufik added.

Aside from Sépia, PPBL also has participating interest 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.

In addition, it holds participating interests in three other deepwater exploration blocks in the Campos Basin (C-M-661, C-M-715 and C-M-541), which were awarded during Brazil’s Concession Exploration Bid Round 16 in 2019, according to Petronas.

Edited ByTan Choe Choe
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