Brazilian oil company Petrobras has restarted the sale process of its stake in the Tartaruga field, located in shallow waters of the Sergipe-Alagoas Basin, State of Sergipe, Brazil.
The oil firm had in August 2020 launched the binding phase for the sale of its entire stake in the Tartaruga field, meaning the potential buyers qualified for the binding phase were to receive a process letter with detailed instructions on the sale process, including guidelines for due diligence and the submission of binding proposals.
However, Petrobras on Monday said that the company was restarting the sale process as the previous sale attempt was not concluded.
"The main subsequent stages of the project will be reported to the market in due course," Petrobras said.
"This transaction is in line with the company's portfolio management strategy and the improved allocation of its capital, aiming to maximize value and provide greater return to society. Petrobras continues to concentrate its resources on assets in deep and ultradeep waters, where it has shown a great competitive differential over the years, producing better quality oil and lower greenhouse gas emissions," Petrobras said.
The Tartaruga field is located on the northern coast of the state of Sergipe, in the city of Pirambu, in shallow waters of the Sergipe-Alagoas Basin. The field wells were drilled directionally, from the base located in the onshore portion of the ring-fence. The average production in 2021 was approximately 222 bpd of light oil (37º API) and 4,660 m³/day of associated gas.
Petrobras holds a 25% stake in the field and Maha Energy Brasil Ltda is the operator, with a 75% stake.