Brazil's Petrobras is offering its 70% interest in the Maromba heavy oil field in the Campos Basin, offshore Brazil.
Chevron also has a 30% and is also looking to divest the Campo de Maromba (BC-20A concession).
"The potential transaction represents an opportunity to develop and monetize a discovery of heavy oil in shallow water, close to the fields in production of Pilgrim and Papa Earth," says Petrobras.
Maromba is a fringe asset in Petrobras' portfolio, according to Wood Mackenzie. "It is a relatively small and technically challenging oil field in the Campos basin. We expect commercial production from Maromba to commence in 2025," the analyst has said.
Petrobras has previously evaluated the use of a floating production system on the field.