Petrobras Picks Trident in Oilfield Re-bid

By Carolina Mandl
Friday, July 19, 2019

Brazilian oil company Petroleo Brasileiro SA has chosen a bid from Warburg Pincus-backed Trident Energy as the winner in a final "re-bid" for two offshore oilfields, three sources with knowledge of the matter said.

Petrobras, as the Brazilian state-run oil company in known, will fetch nearly $1 billion, two of the sources said. The firm received two offers in a final re-bid this month, the same sources said, declining to name the second bidder.

In a previous round, Brazilian independent oil firm Ouro Preto Oleo e Gas had joined British-based Seacrest Capital and Anglo-French firm Perenco to deliver a bid.

Trident's bid for the Pampo and Enchova shallow-water fields has yet to be confirmed by Petrobras' board of directors, which is scheduled to meet next week, the two sources said.

Petrobras and Trident did not immediately reply to requests for comment.

Petrobras put the oil fields up for sale nearly a year ago as part of a wider effort to divest assets and cut debt, but the Enchova and Pampo sale process has proved to be complex due to rules requiring competitive re-bids for certain asset sales.

Both oil fields produced almost 39,000 barrels of oil equivalent per day, according to July 2018 figures, making them the largest mature production asset that Petrobras is working to sell in its $35 billion, five-year divestment program.


(Reporting by Carolina Mandl; Editing by Brad Haynes and Marguerita Choy)

Categories: Energy Activity Production South America Shallow Water

Related Stories

Lebanon and Cyprus Clear Path for Gas Exploration with Maritime Border Deal

UK North Sea Decommissioning Set for Sharp Rise Through 2034

Eni, YPF Join Forces for Oil and Gas Exploration Offshore Uruguay

Current News

Dajin Forms Offshore Wind Alliance with German Port Terminal Operator

EnerMech Hires Former SLB Executive to Lead Energy Solutions Division

Eni Expands Asian Footprint with Long-Term LNG Contract in Thailand

Jasmund Substation’s Topside and Jacket Sets Sail to Baltic Sea

Subscribe for OE Digital E‑News