Tags: APFN | LT | Brazil | Pre | Salt Auction

Petrobras, Total Buy Stakes in Pre-salt Blocks in Brazil

Friday, 31 August 2018 04:37 PM

SAO PAULO (AP) — Brazil's state oil company Petrobras and France's Total have bought stakes in three pre-salt oil blocks off the Atlantic coast.

In an auction held Friday, the two companies agreed to pay 3.26 billion reals ($800 million) for the three blocks.

Petrobras agreed to 36 month operating contracts in the Mero and Sapinhoa blocks which have a combined output capacity of 11.2 million barrels over the next three years.

Total agreed to a 12 month contract for the Lula block which has an estimated output capacity of 1.1 million barrels.

The pre-salt reserves auctioned are more than 1 mile (1.6 kilometers) below the ocean's surface and another 2.5 miles (4 kilometers) underneath soil and corrosive salt.

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Brazil's state oil company Petrobras and France's Total have bought stakes in three pre-salt oil blocks off the Atlantic coast.In an auction held Friday, the two companies agreed to pay 3.26 billion reals ($800 million) for the three blocks.Petrobras agreed to 36 month...
APFN,LT,Brazil,Pre,Salt Auction
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2018-37-31
Friday, 31 August 2018 04:37 PM
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