QatarEnergy wins seven Brazilian offshore exploration licences

QatarEnergy, in a consortium with Brazilian state-backed energy company Petrobras, has won seven offshore exploration blocks in northeastern Brazil.

The blocks were awarded in the sixth concession bid round held by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, QatarEnergy said in a statement.

The company said the new assets would strengthen its upstream portfolio as part of a global expansion strategy.

No financial details were disclosed.

QatarEnergy CEO Saad Al-Kaabi said late last month that production at Qatar’s Ras Laffan, the world’s largest LNG export hub, was “very minute”. The company could begin operations within weeks if the Strait of Hormuz reopens, but damage would reduce output, he said.

Further reading:

• QatarEnergy extends force majeure on Edison LNG deliveries
• QatarEnergy rules out LNG export pipelines
• QatarEnergy offers crude for loading inside Hormuz

The awarded blocks are in the Ceará Basin, along Brazil’s northeastern Equatorial Margin. They cover a combined area of 4,700 sq km in water depths of about 2,000-3,600 metres.

QatarEnergy will hold a 30 percent participating interest, while Petrobras, the operator, will have the remaining 70 percent.

The concession contracts are expected to be signed in the first half of 2027, the statement said.

Iranian attacks in March knocked out nearly 17 percent of Qatar’s LNG export capacity. Al-Kaabi estimated annual revenue losses at $20 billion.

Ras Laffan accounts for about 20 percent of global supply. It supplies almost 30 percent of UAE gas demand through its Dolphin pipeline, a joint venture between Mubadala, Occidental Petroleum and TotalEnergies.