Report summaryMerluza is a small gas field located in the shallow waters of the Santos basin. It was discovered by Pecten (Shell) in 1979 under the terms of a risk contract and was the first commercial discovery made in the basin. However, it remained undeveloped until Pecten finally brought it onstream in late-1992. Under the terms of the contract, Petrobras assumed operatorship with a 100% interest following start-up and Pecten received an ongoing reimbursement based on production and commodity prices. ...
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