TOTAL S.A. (ENXTPA:FP) signed an assets package agreement to acquire a stake in BMS-11 and BMS-9 oilfields and Romulo de Almeida and Celso Furtado power plants from Petróleo Brasileiro S.A. – Petrobras (BOVESPA:PETR4) for $1.8 billion on December 21, 2016. The consideration is made of cash, carry and contingent payments. TOTAL S.A. entered into definitive contracts to acquire a stake in BMS-11 and BMS-9 oilfields and Romulo de Almeida and Celso Furtado power plants from Petróleo Brasileiro S.A. - Petrobras on February 28, 2017. Total will pay to Petrobras $1.7 billion cash for assets and services and $150 million as contingent payments. The consideration will be $2 billion after adjustments. Total will also provide to Petrobras a $400 million credit line that can be triggered to carry a part of Petrobras's investment share in the Iara development fields. As on March 15, 2017, TOTAL S.A. signed purchase and sale agreement to acquire a stake in BMS-11 and BMS-9 oilfields and Romulo de Almeida and Celso Furtado power plants from Petróleo Brasileiro S.A. - Petrobras.

Under the terms of the agreement, TOTAL will acquire 22.5% interest in BMS-11, 35% interest in BMS-9 and a 50% interest in Termobahia, which includes Romulo de Almeida and Celso Furtado Power Plants. Total S.A will offer Petrobras the option of acquiring a 20% stake in the deep offshore exploration block 2 recently obtained in Mexico. Post-acquisition, Petrobras would retain 42.5% stake in Iara concession while it would retain 10% stake in Lapa concession. The deal is subject to the final execution of the sale and purchase agreements, relevant regulatory approvals and partners' preemption rights only on the Iara transaction. As of March 24, 2017, Brazilian Antitrust Authority (CADE) approved the deal. As of April 3, 2017, Brazil's competition authority approved the purchase by Total of a 22.5% stake in the Iara pre-salt block from Petrobras. Total is still awaiting Cade approval for its acquisition of a 35% share of the Lapa field, also in the Santos basin's pre-salt layer. As on August 21, 2017, a Brazilian federal court temporarily halted the sale of 50% interest in Termobahia. As on September 7, 2017, the Brazilian federal court cleared the transaction of Petróleo selling 50% interest in Termobahia to TOTAL. As of October 10, 2017, a Brazilian court has partly blocked a deal for France's Total to acquire stakes in two pre-salt fields from state-run oil company Petrobras. As of November 6, 2017, the Federal Regional Court suspended the injunction that determined the interruption of sale of the two oilfields. As of January 15, 2018, the conditions preceding the transfer of stakes in BMS-11 and BMS 9 oilfields were fulfilled including the granting of operation and installation licenses by the Brazilian Institute of Environment and Renewable Natural Resources in order for Total to become the operator of the Lapa field.

TOTAL S.A. (ENXTPA:FP) completed the acquisition of 35% stake in BMS-11 and 22.5% stake in BMS-9 oilfields on January 15, 2018.