Brazilian oil company Petrobras is continuing with its strategy of divesting non-core assets so it can focus on its "world-class" deepwater and ultra-deepwater assets.
It last Friday started the opportunity disclosure stage, regarding the sale of its entire stake (100%) in the Catuá Field, in the Campos Basin, in the state of Espírito Santo, off Brazil. Petrobras owns a 100% stake in the field.
The Catuá Field is located in waters of Espirito Santo State, around 128 kilometers from the coast, in 1.700-1.950 meters water depth.
The deepwater field was discovered by Petrobras in 2003, with the declaration of commerciality taking place in 2006.
According to Petrobras, the estimated stock tank original oil-in-place (STOOIP) is up to up to 993.82 MM oil boe. The field has yet to be developed, but Petrobras stressed the field is located "favorably" near existing facilities of other operators.
As with its previous proposed sales Petrobras said the following: "This transaction is in line with the company's strategy of portfolio optimization, debt reduction, and capital allocation improvement, as it increasingly concentrates its resources in world-class assets in deep and ultradeep waters, where Petrobras has shown a great competitive differential over the years.