French oil and gas major, Total, has announced its agreement to transfer the company’s equity in five exploration blocks to Brazil’s state-run Petrobras, according to a press release.
The exploration blocks, located in the Foz Do Amazonas 120 kilometers offshore Brazil, are referenced as FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125, and FZA-M-127.
The closing of the transaction is subject to standard regulatory approvals.
Total has had an ongoing presence in Brazil for over 40 years with more than 3,000 employees at present. Total operates in all sectors within Brazil: exploration and production, gas, renewable energies, lubricants, chemicals, and distribution.