Petrobras will pay R$ 210 million to the Union for part of the oil production of Tartaruga's shared reservoir, which is located between the fields of Tartaruga Verde and Tartaruga Verde Sudoeste, in the Campos Basin, in the state of Rio de Janeiro.

The amount was settled through an agreement between the oil company and Pre-Sal Petróleo, which is in charge of pre-salt concession contracts.

According to Pre-Sal Petróleo, when Petrobras began exploring the BM-C-36 area in 2004, it discovered two deposits in the area. One, however, extended to a sector that was not part of the concession contract.

Individualization Agreement

When an oil field goes beyond the concession area, the oil company must sign a production individualization agreement whereby the Union is entitled to a share of production and an equivalent responsibility for spending.

In the Shared Tartaruga Reservoir, the Union holds a 17.85% stake. In the calculation, which adds the revenues and subtract the costs, called Equalization of Expenses and Volumes (EGV), the Union had a profit of R$ 210 million.

This is the third EGV completed by Pre-Salt Petroleum. Between December 2018 and April this year, agreements with the BM-S-9 consortium, which operates the Sapinhoá field in the Santos Basin, resulted in gains of R$ 955 million for the Union.