Published in 04/12/2019

The Brazilian National Agency for Petroleum, Natural Gas and Biofuels (ANP) has approved a Production Individualization Agreement (AIP) for Atapu's Shared Deposit, which came into effect on September 1^st, 2019.

A production individualization process is started whenever an oilfield exceeds the limits of its original agreement. In the Pre-Salt Polygon and in strategic areas, Pré-Sal Petróleo is the company responsible for representing the Federal Government in the individualization of the production involving Non-Contracted Areas. An AIP establishes a single production development project for the individualized deposit, thus avoiding predatory production. With the agreement, the costs and investments and the volumes produced will started being shared among the companies participating in the AIP, which tends to maximize the project's economic indicators.

The Atapu's Shared Deposit, located in the Santos Basin, is defined as the unitized area between the Onerous Assignment Agreement (Block 4 - Iara's Surroundings), Concession Agreement BM-S-11A (Atapu West) and Non-Contracted Area (Atapu North).

Atapu's AIP is one of the most complex agreements ever entered into by PPSA, encompassing three tax regimes and five companies. The Atapu West field (Concession BM-S-11A) is operated by Petrobras, in partnership with Shell, Total and Petrogal Brasil. The Iara's Surroundings (Onerous Assignment) block is operated by Petrobras, which holds a 100% stake. PPSA represents the Federal Government in the Non-Contracted Area.