Petrobras and PPSA (Pré-Sal Petróleo S.A.) have signed a production individualization agreement (PIA) of the Tartaruga Mestiça, located at the south portion of the Campos Basin, according to a company press release. This PIA sets out the rules of joint execution of oil and natural gas production and developing operations in the area, as well as participation of each party. PPSA signs the PIA, as representative of the Brazilian Federal Government, under Law No. 12.351 /10, because the noncontracting sharing field area is located at the Presalt Polygon.

The Tartaruga Mestiça sharing field is partially located at a concession contract BM-C-36 area (operated by Petrobras, with 100% of its participation) and partially at a noncontracting area of the Presalt Polygon. It is located about 125 km (78 miles) from the city of Macaé (RJ), at a water depth between 650 m and 1,200 m (2,133 ft to 3,935 ft) and it shall produce oil and gas in Albian-age carbonate reservoirs (post-salt), the release said.

The development of Tartaruga Mestiça shall occur in conjunction with the Tartaruga Verde Basin (100% Petrobras) and foresees the installation of a production unit, such as FPSO-type, besides the drilling of production and injectors wells. The startup of the FPSO commercial production of Tartaruga Verde and Tartaruga Mestiça from a well, located at the Tartaruga Verde Field, is scheduled for 2017, according to the Business and Management Plan for 2014 to 2018. In turn, the startup of commercial production of the Tartaruga Mestiça Field is scheduled for the first semester of 2018. The PIA defines Petrobras as operator of the sharing field as well as foresees redetermination mechanisms of participation originally established, to the extent that new technical information is obtained.

The PIA and Tartaruga Mestiça Development Plan are jointly submitted to ANP approval. The companies will enter into a consortium and will agree upon its rules of management and governance.

Upon ANP approval and subsequent startup of production, a portion of the produced volume of oil and natural gas will be guaranteed to the Federal Government by the PPSA, according to the release.