QatarEnergy has teamed up with TotalEnergies and Petronas to win the Sépia Surplus Production Sharing Contract (PSC) in Brazil’s Second Transfer of Rights Surplus Bidding Round. Brazil’s Petrobras will operate the project with a 30% stake alongside TotalEnergies (28%), Petronas (21%) and QatarEnergy (21%).

Petrobras currently has the right to produce 500mn boe from Sépia, but reserves are significantly higher than originally thought. The new partners can produce from the surplus reserves once the acquisition closes. This is expected in 1H 2022. (CONTINUED - 222 WORDS)