Total exits Brazil's Foz Do Amazonas Basin

Total announced on Monday that it has exited the Foz Do Amazonas Basin in Brazil, having agreed to transfer its equity interest in five exploration blocks located 120 kilometers offshore to Petrobras.

The oil giant said the blocks were referenced as FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127.

It said the closing of the transaction remained subject to the preemption rights of partners in the blocks, and standard regulatory approvals.

Total said it had been present in Brazil for more than 40 years, with its production in the country in 2019 averaging 16,000 barrels of oil per day.

In October 2019, a consortium it led was awarded block C-M-541, located in the Campos Basin, in the 16th bidding round held by Brazil’s National Petroleum Agency (ANP).

“In 2017, Total and Petrobras formed a strategic alliance encompassing exploration and production and gas, renewables and power activities,” the board said in its statement.

“Through the alliance, the two groups are implementing research and development projects on topics such as artificial intelligence leading to efficiency gains, with direct applications in Brazil.”

At 0844 BST, shares in Total were up 3.31% in London at €28.56.