Brazilian oil company Petrobras and National Petroleum Agency (ANP)has signed the extension of the concession contracts for the Marlim and Voador fields, offshore Brazil until 2052.

The extension of the fields’ Production Phase was in line with Resolution 2/2016 issued by the National Energy Policy Council (CNPE), which authorized the Agency to extend the concession agreements entered into in Round Zero, in 1998, Petrobras said. The contracts were originally due to expire in 2025.

“The purpose of Petrobras with this extension is to ensure the maximum utilization of the existing reserves with revitalization projects in these fields that provide for the installation of

two new platforms, together with expanded water injection and fluid processing capacity and the drilling of ten new wells,” the company said.

In March, the Marlim and Voador fields produced 150,000 barrels of oil and 2 million cubic meters of gas per day.