After years spent taking asset impairments including US$ 565 million in 2015 and trying to divest its position in the undeveloped Wahoo discovery in the C-M-101 Block and Itaipu discovery in the C-M-61 Block, Anadarko now intends to leave Brazil and is transferring operator status in both the blocks to partner BP. Anadarko expects to have left Brazil and its undeveloped pre-salt discoveries in the Campos Basin by the end of 2018. Anadarko has 33% in C-M-61 while partner BP has 40% and Total has 27% after acquiring Maersk. In the C-M-101 Block, Anadarko has 30%, BP has 25%, IBV has 25% and Total has 20%. It is assumed Anadarko will cede its interests in the blocks to one or more of the remaining partners but no information on this or the transaction value has been disclosed yet. On 4 April 2016, the ANP approved Anadarko's request to extend the deadline for its Discovery Evaluation Plan (PAD) for the 1APL1ESS discovery well, also called Wahoo, in Block C-M-101. The PAD deadline was 30 November 2015 but the ANP extended it until June 2022 and gave Anadarko until November 2018 to decide whether to conduct a long-term test for the discovery. This was in the PAD as a contingent activity. The ANP says Anadarko still intends to perform activities in the contingent area to complete the PAD but all the firm required activities for the PAD were completed. Anadarko has drilled two outpost wells in the PAD area since it was established in January 2011. The 3APL6ESS and 3APL7DESS both encountered oil as did an earlier wildcat 1APL2DAESSin the area. In addition to the two outpost wells called for in the PAD, it also provides for contingent activities in two other wells, including a formation test in a cased well and a study. The ANP also decided later that the declaration of commerciality for the area would depend on conducting a long-term test as a contingent commitment. Wahoo was discovered in 2008. Anadarko was approved to enter the Evaluation Phase of the C-M-101 Block during early January 2011 after the contract expired on 23 November 2010. Anadarko had five years to evaluate the discovery, finish the PAD and declare commerciality. Partner, Maersk Oil on 7 July 2014 announced that it was taking an asset impairment on book value equivalent to US$ 1.7 billion on some of its Brazilian assets. The assets included the Polvo, Wahoo and Itaipu fields in the Campos Basin. The value of its Wahoo and Itaipu field assets was reassessed to US$ 600 million. The deepwater pre-salt Wahoo and Itaipu fields contain an estimated 285 MMbo of potential recoverable resources for the former and about 300 MMbo for the latter. Maersk stated that it expected both fields to eventually be able to present commercially viable development plans. Maersk purchased its interests in the three Brazilian blocks from SK Energy for US$ 2.4 billion in July 2011. Maersk also disclosed that the appraisal drilling has yielded results at the low end of the original expectations and additional adverse impacts from increased development costs and lower oil price also must be expected.
After years spent taking asset impairments including US$ 565 million in 2015 and trying to divest its position in the undeveloped Wahoo discovery in the C-M-101 Block and Itaipu discovery in the C-M-61 Block, 