In mid-April 2020 it was learned that Petrobras is in the process of acquiring the stakes of Equinor and Total in the ES-M-743 Block in the deepwater Espirito Santo Basin, in order to operate the block with a 100% working interest. Currently Equinor operates the block with 35% while partners Petrobras and Total have 40% and 25% respectively. In addition to ES-M-743, the group also forms a consortium with the same interests for the ES-M-669 and ES-M-671 blocks in the basin. The acquisition is pending approvals from both antitrust regulator Cade and the ANP. When the deal is approved Petrobras will receive the amounts provided for in the contract by Equinor and Total for the unfulfilled portion of the minimum exploration program of the block. Petrobras defends the acquisition saying that "it sees geological merits" to justify exploration investment in the undrilled block. In 2019 the group informed the ANP that it planned to drill the Monai prospect, in the nearby ES-M-669 Block, in order to reach the Espirito Santo Basin pre-salt. Depending on the results, it could help to better evaluate the other Round 11 concessions in the basin including ES-M-743. The first exploration period of the block ends on 25 September 2021, while the second period ends on the same date in 2023. Since 2016, Equinor, previously Statoil have been trying to farmout interest in the offshore Espirito Santo Basin including their four Round 11 blocks: ES-M-598, ES-M-673, ES-M-671 and ES-M-743. Only one well has ever been drilled previously on the blocks when Petrobras drilled a dry hole in 2004 with a total depth of 6,814m in ultra-deepwater on block ES-M-671. The stated reason for Statoil offering the farmout was wanting to reduce their risk exposure. <P />
Petrobras is in the process of acquiring the stakes of Equinor and Total in the ES-M-743 Block in the deepwater Espirito Santo Basin, in order to operate the block with a 100% working interest. Currently Equinor operates the block with 35% while partners Petrobras and Total have 40% and 25% respectively. In addition to ES-M-743, the group also forms a consortium with the same interests for the ES-M-669 and ES-M-671 blocks in the basin.