Galp will hold a 14% stake in this new pre-salt area, and Petrobras, who exercised its operatorship rights, will hold 30%. ExxonMobil and Equinor will each hold 28%. Acquisition is part of Galp’s strategic commitment to strengthen its position in high-quality assets in core areas.
Galp, through its Brazilian subsidiary, Petrogal Brasil, and in partnership with ExxonMobil Exploração Brasil Ltda. (ExxonMobil) and Statoil Brasil Óleo e Gás Ltd. (Equinor), acquired the Uirapuru exploration block pursuant to the 4th Production Sharing Bid Round hosted today by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) in Brazil.
Petróleo Brasileiro S.A. (Petrobras) exercised its right to enter in the consortium as operator and will hold a 30% interest in the area, with Petrogal Brasil holding 14%, while ExxonMobil and Equinor 28% each.
The consortium offered a profit oil of 75.49%. Additional commitments include the payment of a signature bonus of R$2.65 bn (c.$683 m gross or c.$96 m net to Petrogal Brasil) (1), and the drilling of one exploration well.
Uirapuru has an area of 1,285 km2 and is located in the pre-salt polygon in the Santos basin, 175 km from shore, at water depths ranging from 800 to 2,100 metres. The block is close to Galp’s BM-S-8 and adjacent Carcará North licenses, where the Company currently holds 17% and 20% interests, respectively.
The acquisition is part of Galp’s strategic commitment to strengthen its position in high-quality assets in core areas, such as the Brazilian pre-salt, through selected partnerships.
(1) Considering the USD: BRL exchange rate at the time of the announcement.
About Galp
Galp is a publicly held, Portuguese-based energy company, with an international presence. Our activities cover all stages of the energy sector's value chain, from prospection and extraction of oil and natural gas from reservoirs located kilometres under the sea surface, to the development of efficient and environmentally sustainable energy solutions for our customers – whether large industries that seek to increase their competitiveness, or individual consumers that seek the most flexible solutions for their home and mobility needs. We also contribute to the economic development of the 11 countries where we operate and to the social progress of the communities that welcome us. Galp employs 6,389 people.
About Petrobras
We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.
We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.x
About Equinor
Equinor, is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world.