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Total, Petrobras sign deal to acquire, interchange assets

Total and Petrobras have signed an assets package agreement in the frame of their strategic alliance announced last October that could be worth up to $2.2 billion.

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This agreement to exchange assets and make joint investments reinforces the partnership and cooperation between the two companies, in the Upstream and Downstream sectors, covering operations, research and technology.

Under the terms of this assets package deal, the acquisition of the Upstream and Downstream interests in Brazil from Petrobras will represent a global value of around $2.2 billion.

Total will acquire from Petrobras some regasification capacity in the Bahia LNG terminal and a 50% interest in two co-generation plants located in the Bahia area as well as pipeline transport capacity, enabling Total to supply gas to the two co-generation plants.

“These agreements will reinforce Total’s position in Brazil through access to outstanding pre-salt resources while entering the promising gas value chain,” said Patrick Pouyanné, Chairman and CEO of Total.

In the Upstream, the technical cooperation will be strongly reinforced between the two companies including joint assessment of the exploration potential in key prospective areas in Brazil and the development of new technologies.