Brazil’s state-owned oil and gas company Petrobras has signed three remaining concession contracts, acquired in partnership with Shell and CNOOC, in Pelotas Basin offshore Brazil.
The concessions were acquired as part of the fourth Permanent Concession Offer Cycle, in December 2023.
The consortium will have Petrobras as operator, with a 50% stake, and Shell and CNOOC as partners with 30% and 20% stakes, respectively.
The signing of the contracts for blocks P-M-1737, P-M-1739 and P-M-1797 concludes Petrobras' participation in the auction of the fourth Permanent Concession Offer Cycle, in which it acquired a total of 29 concession contracts in the Pelotas Basin.
The contracts are in accordance with the company's long-term strategy with the aim of diversifying its portfolio; and it also strengthens Petrobras' position as the main operator of oil fields located in deep and ultra-deep waters, potentializing the decomposition of reserves for the future.
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