Petrobras signed, after negotiation with its partners in the BM-S-11 Consortium, Shell Brasil Petróleo Ltda (25%) and Petrogal Brasil S.A. (10%), commitment to purchase the P-71 platform, subject to previous conditions related to milestones in the physical advancement of the unit. It was also agreed to develop a new Development Plan (PD) for the Tupi field, where the FPSO would originally be used.

The disbursement of Petrobras estimated in the transaction will be US$ 353 million, corresponding to the share of the partners in P-71.

The P-71, in the final phase of construction at the Jurong shipyard in Espírito Santo, of the replicant family, with a production capacity of 150 mbpd, will be allocated in the Itapu field.

After the auction of the surplus of the onerous assignment occurred in November 2019, the production rights of the Itapu field began to be fully held by Petrobras and the allocation of FPSO P-71 in the field will allow the anticipation of its first oil in about one year.

Due to the new allocation of the P-71, the bidding of chartering of the platform that would meet the Itapu project will be canceled. With the commitment to sell P-71, subject to the aforementioned conditions, the partners of the BM-S-11 Consortium in Brazil agreed to prepare a new PD for Tupi, to be delivered to the ANP in 2021.

This initiative seeks to implement complementary projects to develop production resilient to low oil prices, allowing to further increase the recovery factor of the field, which is currently the world’s largest producer in deep water and whose accumulated production has already exceeded 2 billion boe.

The acquisition of P-71 and the actions to develop a new PD for Tupi are adhering to Petrobras’ strategy of concentrating its activities on world-class assets in deep and ultra deep waters.

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