19 June 2025
19 June 2025
The proposal is designed to preserve the security of the EU's energy supply and limit any effect on prices and markets.
The S-M-1617 licence is situated in the Santos basin in water depths up to 2,600m.
Major companies such as ConocoPhillips, Ovintiv and Civitas Resources have backed the initiative.
Rising domestic energy demand and the need to diversify economies is driving gas processing capacity additions in the region.
The company is on track for an FID in Q3, eyeing first LNG output in 2029.
Two consortia involving Petrobras and ExxonMobil secured ten blocks in total.
The loan will fund construction of a 250km pipeline.
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