Total exits Brazil’s offshore Foz do Amazonas Basin

French oil and gas giant Total said that it has reached an agreement to transfer to its equity interest in five exploration blocks in the Foz do Amazonas Basin in the Brazilian waters to Petrobras.

The agreement marks the exit of Total from the Foz do Amazonas Basin.

The five blocks – FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127 are located 120 kilometers off the Brazilian coast.

The closing of the deal is subject to the preemption rights of partners in the five blocks and also standard regulatory approvals.

Earlier this month, Total had resigned as the operator of the Foz do Amazonas Basin blocks.

Total exits Brazil’s offshore Foz do Amazonas Basin. Photo courtesy of Tangopaso/Wikipedia.org.