QatarEnergy secures 20% stake in Brazil’s offshore oil block

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State-owned QatarEnergy has secured a 20 percent stake in the offshore pre-salt Agua Marinha block in the Campos basin through a joint bid with France’s TotalEnergies and Malaysia’s Petronas.

Oil companies Petrobras, TotalEnergies, Petronas and QatarEnergy won the rights in an auction on Friday, said Brazilian oil regulator ANP

TotalEnergies, Petronas and QatarEnergy made the best bid, with an oil profit offer of 42.40 percent, against a minimum percentage of 13.23 percent, ANP said.

Petrobras will hold a 30% stake in the venture, with TotalEnergies holding 30%, and Petronas (20%).

That consortium defeated an offer by Petrobras in partnership with Shell. But Petrobras, which is run by the Brazilian state, retained the right to join the winning group and exercised it.

The winning consortium will pay a signature bonus of 65 million reais ($12.3 million) to the federal government.  

Last month QatarEnergy signed a 27-year deal to supply China’s Sinopec with liquefied natural gas, the longest such LNG agreement so far as volatile markets drive buyers to seek long-term deals.

Qatar is already the world’s top LNG exporter and its North Field expansion project will boost that position and help guarantee long-term supplies of gas to Europe as the continent seeks alternatives to Russian flows.