Petrobras, QatarEnergy, partners to work in Brazil’s Sépia Field

A consortium that includes QatarEnergy has entered into a production sharing agreement with the Brazilian government related to surplus volume rights of the world class Sépia oil field in Brazil, the company said on Thursday.

State owned Petrobras, will be the operator, holding 30 percent interest. Meanwhile,  TotalEnergies will hold 28 percent and both Petronas and QatarEnergy will hold a 21 percent interest.

“This signing follows the award of the Sépia surplus volume rights to the consortium at the conclusion of the second transfer of rights surplus bidding round on 17 December 2021, held by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP),” said the consortium.

"We are delighted to reach this important milestone and close Sepia’s key definitive agreements. We look forward to working with our partners Petrobras, TotalEnergies and Petronas to progress the next phase of development,” said Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of QatarEnergy in a statement.

Sépia is a multi-billion-barrel, pre-salt oil field located in water depths of about 2,000 meters off the coast of Rio de Janeiro in the prolific Santos Basin.

Production has begun from the Sépia field started in August 2021 through a dedicated floating production, storage, and offloading unit (FPSO). Current plans are underway to increase the overall production capacity with a second FPSO, said the consortium.