QatarEnergy, and its joint-venture partners TotalEnergies, Petrobras, and PETRONAS Petroleo Brasil Ltda. (PPBL) signed the Production Sharing Contract (PSC) for the Agua-Marinha block which was awarded to the consortium on 19 December 2022 in the 1st Cycle Permanent Offer round, by Brazil's National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

Under the terms of the PSC and associated agreements, QatarEnergy will hold a 20 percent working interest, alongside TotalEnergies (30 percent) Petrobras (operator, 30 percent), and PPBL (20 percent), the company said in a press release on Saturday.

Commenting on this occasion, HE Minister of State for Energy Affairs and the President and CEO of QatarEnergy Saad Sherida Al Kaabi said: "We are pleased to sign the Production Sharing Contract with our partners and with Brazil's Ministry of Mines and Energy. This signing builds on QatarEnergy's sizable upstream presence in Brazil, and we look forward to progressing with exploration activities on this highly prospective block. I wish to thank Brazil's National Agency of Petroleum, Natural Gas, and Biofuels and the Brazilian authorities for this opportunity and their ongoing support." The Agua-Marinha block has a total area of 1,300 square kilometers and is located in water depths of about 2,000 meters within the prolific Campos Basin. The work program includes drilling one exploration well during the exploration period.

Source: Qatar News Agency