ExxonMobil and Qatar Petroleum have been awarded exploration rights in Brazil’s offshore Titã block, according to a company press release.
Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) sold the rights in its fifth pre-salt bidding round, announced on September 28. ExxonMobil bought a controlling 64% stake in the block while Qatar Petroleum purchased the remaining 36%.
Under the terms of the agreement, the consortium will pay the Brazilian government a 23.48% royalty on any profits made from the block, in addition to a $777 million signing bonus, according to The Oil and Gas Year.
The block is thought to contain around 3.9 billion barrels of unrisked reserves.
Saad Sherida Al-Kaabi, Qatar Petroleum CEO, said that this is the third Brazilian contract the company has won in the past year.
“This winning bid constitutes another milestone on the road of achieving our strategy of creating a large scale, value-adding international portfolio, while pursuing Latin America as an important core area for Qatar Petroleum,” he said.
In October 2017 Qatar Petroleum was awarded exploration rights in the Alto de Cabo Frio-Oeste block with partners with Shell and China National Offshore Oil Corporation. The company was then granted two blocks in the Campos Basin (with Petrobras and ExxonMobil) and two in the Santos Basin (with ExxonMobil) in March 2018.