Asset Report

Sepia and Sepia Leste

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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.

Table of contents

  • Key facts
    • Summary
    • Key issues
      • Petrobras awards US$8.15 billion Atapu and Sépia pre-salt FPSO contracts to Seatrium
      • 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
  • Location maps
    • History
      • Sépia
      • Sépia Leste
    • Local content
    • Reservoir
    • Hydrocarbon quality
  • Well data
    • Work commitment
    • Oil
    • Gas
  • Production
    • Key development metrics
      • Wells
      • Facility
    • Oil
    • Gas
    • Capital costs
    • Operating costs
      • Lease Costs
      • Transportation cost
  • 4 more item(s)...

Tables and charts

This report includes the following images and tables:

  • Key facts: Table 1
  • Index Map
  • Detail Map
  • Participation: Table 1
  • Well data: Table 1
  • Production: Table 1
  • Production: Table 2
  • Sepia - Production Profile
  • Sepia (Surplus) - Production Profile
  • Production Profile
  • Participation: Table 2
  • Geology: Table 1
  • 29 more item(s)...

What's included

This report contains:

  • Document

    Sepia and Sepia Leste

    PDF 5.24 MB

  • Document

    Sepia and Sepia Leste

    XLS 1.05 MB