5/14/2020 | Brazil

Equalisation settlement related with Lula, Atapu and Sépia unitisation processes

Following the approval of the Unitisation Agreements (UA) related with the Lula, Atapu and Sépia accumulations (please refer to the announcements made on March 15, 2019, and September 12, 2019), Galp, through its Brazilian subsidiary Petrogal Brasil S.A., and the partners of the BM-S-11, BM-S-11A and BM-S-24 concessions, along with Petrobras for the Transfer of Rights area and Pré-Sal Petróleo S.A. open area, when applicable, agreed on the terms and conditions for the equalisation agreements.

 Concession | Galp’s stake Unitised area | Galp’s stake
BM-S-11 | 10% Lula | 9.209%

BM-S-11A | 10%

Atapu | 1.703% 
BM-S-24 | 20% Sépia | 2.414%


The equalisation agreements for the above-mentioned UAs were signed on April 30, 2020, based on the tract participation each party holds on the unitised areas, the past capital expenditures carried by partners for their original interest and the net profits received thereunder.

As the result of these agreements, all processes should be settled simultaneously during the second quarter of 2020, with Galp having a net receivable position of c.€80 m, according to the prevailing exchange rates.

The BM-S-11A licence holds two additional accumulations, Berbigão and Sururu, which are still subject to unitisation approval.