Brazilian oil company Petrobras has started the binding phase for the sale of its stake in the Tartaruga field, located in shallow waters of the Sergipe-Alagoas Basin, state of Sergipe.
Petrobras said last month it was relaunching the the sale process of its stake in the Tartaruga field, after the previous attempt was not concluded.
In a statement on Tuesday, announcing the binding phase of the sale, said that potential buyers qualified for the binding phase would receive a process letter with instructions on the divestment process, including guidelines for due diligence and for submitting binding proposals.
"This operation is in line with the company's portfolio management strategy and the improved allocation of its capital, aiming to maximize value and provide a higher 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 municipality of Pirambu, in shallow waters of the Sergipe-Alagoas Basin. The wells in the field were drilled directionally, from the base located in the onshore portion of the ring-fence. The average production in the 1Q22 was approximately 202.26 bbl/day of light oil (37º API) and 2,161 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. Maha Energy told Reuters on April 13 that it was interested in acquiring Petrobras' stake in the field it operated.