Total nabs Brazilian pre-salt in Petrobras deal

23 Dec 2016   Brazil, France

French energy company Total said it was building up its prospects in South America in a partnership that gives it access to some of Brazil’s biggest oil fields. In a deal valued at $2.2 billion, the French supermajor gained access to two of Brazil’s largest oil fields in an acquisition of interests from state-supported Petroleo Brasileiro, known more commonly as Petrobras. Both sides already work together on assets in the U.S. waters of the Gulf of Mexico and in the giant Libra oil field off the coast of Brazil in the so-called Santos basin. Total gets a tighter hold over the prolific Santos basin, while Petrobas has the option to take on more interest in deepwater exploration off the coast of Mexico. “These agreements will reinforce Total’s position in Brazil through access to outstanding pre-salt resources,” Total Chairman and CEO Patrick Pouyanne said in […]

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