Petronas’ First Oil Discovery In Sepia Field, Brazil

Petroliam Nasional Bhd's (Petronas) subsidiary, Petronas Petróleo Brasil Ltda (PPBL) has made its first oil discovery in well 4-BRSA-1386D-RJS in the Sépia presalt oil field, Brazil.

The well is located in the Santos Basin, about 250 Km off the coast of Rio de Janeiro, at a depth of approximately 2,000 meters.

Petronas’ vice president of exploration, Mohd Redhani Abdul Rahman, expressed, "We are very excited by this important discovery in one of the world's most prolific basins. Petronas and partners will continue to work closely, together with the host government, to unlock more value creation and achievement together".

This discovery was made in the Sépia Joint Participation Area, covering the Sépia Transfer of Rights (ToR) Contract and the ToR Sépia Surplus Production Sharing Contract.

Of which, the former was given 100% to Petrobras, whereas the latter, 30% to Petrobras, 28% to TotalEnergies, and 21% to PPBL with Pré-Sal Petróleo S.A. (PPSA) as the overseer.

Notably, PPBL and its consortium partners won the ToR Sépia Surplus Production Sharing Contract during the Brazil Second Transfer of Rights Bidding Round held in Rio de Janeiro in 2021.

He concluded, "Petronas will also continue its decarbonisation efforts to sustainably develop the Sépia field, while strengthening our portfolio in the country. This is in line with our global growth strategy.”