Sepia and Sepia Leste Report

Asset Report 27 February 2025

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Report summary

Sépia is a pre-salt oil and gas discovery located in the Santos basin of Brazil. Petrobras produced first oil in August 2021. In 2019, a consortium formed by Petrobras (30% and operator), TotalEnergies (28%), Petronas (21%) and QatarEnergy (21%) got the rights to produce under a profit share contract the surplus volumes above the 500 mmboe awarded to Petrobras (100%) under the original Transfer of Rights agreement in 2010. The co-participation agreement allocates 28% of Sépia's production, capital costs and operational costs to the Transfer of Rights contract and 72% to the Surplus volumes contract. The agreement established that Sépia Leste holds 11% of the volumes for the combined Sépia and Sépia Leste area. For a full analysis, please assess Sépia, Sépia (Surplus) and Sépia Leste models together.

Summary
Key Issues
- Reduced emissions from planned second Atapu and Sépia FPSOs
- Petrobras announces new oil discovery and increases FPSO capacity planned for phase 2
- Surplus volumes relicensed in December 2021
- Petrobras and the PPSA agree on co-participation payment ahead of the 2021 round, reducing uncertainty about the Surplus economics
- Transfer of Rights (TOR) re-valuation
History
- Sépia
- Sépia Leste
Local content
Reservoir
Hydrocarbon quality
Work commitment
Oil
Gas
Key development metrics
- Wells
- Facility
Oil
Gas
5 more item(s)...