Petrobras announces expansion of investments in Northern Brazil due to the high potential on the Brazilian equatorial margin

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After an agreement with Total E&P to assume operations in ultra-deep waters in northern Brazil, Petrobras announces the leverage of exploratory investments in Amapá.

In 2018, the Brazilian environmental agency IBAMA rejected Total’s request for an environmental license to drill north in the basin, 120 kilometers (74.56 miles) off the coast of Brazil, for the fourth time with Petrobras. Geologists said the area could contain up to 14 billion barrels of oil, more than all proven reserves in the Gulf of Mexico.

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The environmental organization Greenpeace said on Monday that the Amazon River reef would definitely be spared if BP and Petrobras also left the project.

About Grupo Total in Brazil and its investments with Petrobras

The Total group started its presence in Brazil over 40 years ago, in 1975. Currently, they operate through six affiliates in the country in the Exploration and Production, Marketing and Services, Refining and Chemical and Gas, Renewables and Energy segments.

The Group has about 3,000 professionals committed to the best energy in Brazil. Total is present in Brazil through six branches. Total E&P do Brasil operates in the Exploration and Production sector, and has a broad and diversified portfolio, comprising 21 offshore blocks, with a focus on deep offshore.

The company’s main investments in the country are the Lapa field, where Total became the first international company to operate a producing field in the Santos Basin, the pre-salt, the Libra field and the Iara block, all located in the pre-salt layer in the Santos Basin, and the CM-541 block, in the Campos Basin, acquired by Total in 2019. In 2017, Total sealed the Strategic Alliance with Petrobras to promote technical cooperation between the two companies, without a doubt one of the best investments ever made.

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