Brazil’s state-controlled oil company Petrobras has finalized the sale of its full interest in the Cherne and Bagre offshore fields to Perenco Petróleo e Gás do Brasil, a subsidiary of oil and gas company Perenco.
The two fields, located in shallow waters of the Campos Basin approximately 73 km off the coast of Rio de Janeiro, have been non-producing since March 2020.
Their respective facilities, the PCH-1 and PCH-2 platforms, have remained mothballed since operations were suspended.
The transaction, initially disclosed in April 2024, includes compensation adjustments from Petrobras related to asset integrity.
Perenco now assumes ownership with the potential to resume production, an alternative to the full decommissioning previously contemplated by Petrobras.
Employees previously assigned to the Cherne and Bagre assets will be relocated to other Petrobras operations, the company said in a statement.
The divestment aligns with Petrobras’ strategic portfolio management and internal compliance rules, as well as applicable Brazilian regulations.
The Cherne and Bagre fields were originally awarded during the Zero Round licensing process led by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP). They are located in water depths of between 108 and 150 meters.