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Total to acquire Petrobras' 10% stake in Lapa field offshore Brazil

Oil major Total SA announced Dec. 21 it has acquired a 10% stake in the deepwater Lapa oil field block BM-S-9 from Petróleo Brasileiro SA - Petrobras, amounting to US$50 million.

The transaction, under a strategic alliance signed March 2017, is still subject to approval from the Brazilian authorities. Total will remain as contract operator and now holds a 45% stake in the Santos Basin-located field, while Royal Dutch Shell PLC owns 30% and Repsol Sinopec Brasil SA holds 25%.

The current production of Lapa field is about 30,000 barrels per day, Petrobras said.

In addition, company subsidiaries Total Eren and Petrobras plan to build a capacity of 500 MW of onshore solar and wind projects in Brazil in the next five years following the signing of a master agreement. A joint venture company, in which Total Eren will hold 51% and Petrobras will hold 49%, will be established by July 31, 2019.

Total reported that the two oil companies also developed artificial intelligence techniques to identify geological faults and new processes and tools to locate the most productive areas with direct applications in fields such as Sururu in the Iara concession.

In January, the two companies signed transactions in which Petrobras received US$1.95 billion, on top of US$400 million that can be claimed by Petrobras as part of its investment in the Iara area fields and US$150 million as contingent payments.