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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.

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