![](https://energy-analytics-institute.org/wp-content/uploads/2020/09/brazil_2020-sep-29-petrobras-north-2.png)
(Petrobras, 28.Sep.2020) — Petrobras signed an agreement on 25 September 2020, under which Total E&P do Brasil LTDA will transfer to Petrobras the operatorship and working interest on the following exploration blocks FZA-M-57, FZA-M-86, FZA-M-88, FZA-M125 e FZA-M-127 located in ultra-deep waters, approximately 120 km from Amapá state, in an exploratory frontier basin on the Brazilian equatorial margin aiming at high potential opportunities.
![](https://energy-analytics-institute.org/wp-content/uploads/2020/09/brazil_2020-sep-29-petrobras-north-1.png)
The five blocks were acquired on the 11th Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) bidding round by the consortium operated by Total (40%), in partnership with Petrobras (30%) and BP Energy do Brasil LTDA (30%).
With this agreement and according to the joint operating agreement, Petrobras intends to increase its stake to up to 70%, depending on the preemptive right of BP, also part of the consortium.
The closing of the proposed transaction is subject to the regulatory agencies’ approval.
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