French energy group Total SA said Sept. 7 it had resigned from its role as operator of five exploration blocks in the Foz do Amazonas Basin, 120 km offshore Brazil.
Some geologists have said the area may contain as many as 14 billion barrels of petroleum, more than the entire proven reserves of Mexico.
However, environmentalists have tried to prevent oil exploration in the area, which is home to a sizeable reef.
"This decision opens a period of six months during which a new operator will be appointed, and to whom the operated activities will be handed over," Total said in a statement.
For years, the midstream sector has managed to stay strong in weak oil and gas markets, but the unforeseen impacts of COVID-19 and the OPEC+ oil price shock have had a deep impact.
Grace period allows the company to make the due payments within 30 days to avoid a formal default.
Glass Lewis has recommended that shareholders of Noble Energy Inc. vote in favor of the energy producer’s proposed $5 billion acquisition by Chevron Corp, the proxy advisory firm said in a statement on Sept. 18.