Petrobras Cancels Sale of Deepwater Assets in Sergipe-Alagoas Basin in Brazil

May 16, 2022

File Photo: Petrobras
File Photo: Petrobras

Brazilian oil company Petrobras has decided not to sell its deepwater assets in the Sergipe-Alagoas Basin offshore Brazil, originally put up for sale in 2018.

The company said Saturday it had decided to conclude the competitive process, which was in the binding phase, for the partial sale of four concessions located in deep waters in the Sergipe-Alagoas Basin (BM- SEAL-4, 4-A, 10 and 11), without transferring the operation. 

Currently, the concessions are represented by the Agulhinha, Budião, Budião Noroeste, Budião Sudeste, Cavala, and Palombeta fields.

"Petrobras constantly evaluates its portfolio and, considering the alignment of the concessions to the company's strategy and the improvement of Petrobras' economic-financial indicators, the concessions were kept fully in the portfolio, marking the beginning of the development of a new frontier in deep waters in the Sergipe-Alagoas Basin," Petrobras said.

"Petrobras reinforces its commitment to the broad transparency of its divestment projects and portfolio management and affirms its focus on deepwater and ultra-deepwater assets, where it has shown a great competitive differential over the years, with high productivity and lower greenhouse gas emissions," the company added.

Elsewhere in the Sergipe-Alagoas basin, Petrobras last week started the binding phase for the sale of its stake in the Tartaruga field, located in the Basin's shallow waters. Read more here.



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