logo
Plus   Neg
Share
Email

Total And Petrobras Say Achieved Significant Progress In Scope Of Alliance

Total (TTA.L,TTFNF.PK,TOT) and Petrobras said that they have achieved significant progress in the scope of their Strategic Alliance, signed in March 2017: The first concrete results of jointly implemented R&D projects; the transfer of rights of the remaining 10% from Petrobras to Total in the Lapa field for a consideration of US$50 million.

Following this transaction, which remains subject to approval by the relevant Brazilian authorities, Total, operator of the field located in the pre-salt Santos Basin, will hold a 45% working interest alongside Shell (30%) and Repsol-Sinopec (25%).

The signing of a binding Master Agreement between Total Eren and Petrobras for the creation of a Joint Venture by July 31, 2019 to develop onshore projects in the solar and wind segments in Brazil, the company said.

The Joint Venture will look to build up to 500 MW of installed capacity over the next five years.

In addition, Total and Petrobras will keep pursuing new business opportunities in the natural gas chain in Brazil.

In March 2017, Total and Petrobras signed agreements covering a number of upstream and downstream assets in Brazil, cementing the Strategic Alliance announced in December 2016. Under that deal, Total will hold a 22.5% stake in the Iara concession area in Block BM-S-11A and a 45% stake in and operatorship of Block BM-S-9A in the Lapa field concession, which came on stream in December 2016 via the 100,000 barrel per day capacity Cidade de Caraguatatuba FPSO.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Hongkong Sun Rise Trading Ltd. has recalled about 151,400 units of Kobalt Cordless Electric chainsaws and about 106,520 units of Kobalt Cordless Electric pole saws for possible laceration hazard, according to two separate statements issued by the U.S. Consumer Product Safety Commission. These include 1,400 chainsaws and 120 pole saws sold in Canada. Branded food company Hormel Foods Corp. (HRL) announced Friday that its Hormel Black Label Breakfast Food Truck will hit the road with free sample event of the popular brand's new Hormel Black Label Oven-Baked Egg Bites. The samples come in three variants - with Bacon, with Chorizo and with Bacon and... United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets.
RELATED NEWS
Follow RTT