Operational regions Brazil
The focus of our business is Brazil. The main process of acquiring exploratory blocks takes place through bidding processes conducted by the National Petroleum Natural Gas and Biofuel Agency (ANP). Contracts are governed by three regulatory models: concession, onerous assignment and shared production. Our main fields currently producing are operated as concessions. Onerous assignment and shared production contracts account for a large part of our medium- and long-term production. In 2010, we signed an onerous assignment agreement to acquire the right to produce up to 5 billion barrels of oil equivalent (boe) in selected pre-salt areas. In relation to shared production contracts, the only one we have signed with the ANP so far has been for the Santos Basin’s Libra field. Our domestic exploration portfolio consists of 146 blocks, totaling an area of 82,442 km², of which 33,316 km² are onshore and 49,126 km² offshore. We are working on 43 Discovery Evaluation Plans (DEPs), of which 40 are in exclusively exploration areas and 3 in ring fenced areas. 14 In the production development and operation segment, our domestic portfolio consists of 362 fields with concession contracts and 10 fields under onerous assignment agreements, making a total of 372 oil and natural gas fields.