Petrobras Puts Two Deepwater Assets Up for Sale

Petrobras HQ in Rio de Janeiro / Image by Celso Pupo / Adobe Stock
Petrobras HQ in Rio de Janeiro / Image by Celso Pupo / Adobe Stock

Brazilian oil company Petrobras is looking to sell two sets of deepwater concessions offshore Brazil.

The company on Wednesday started the opportunity disclosure stage for the sale of its entire stake in the deepwater concessions Golfinho Cluster and Camarupim Cluster, located in the Espírito Santo Basin.

Golfinho Cluster is located at a water depth between 1,300 m and 2,200 m, comprising the fields of Golfinho, oil producer, and Canapu, non-associated gas producer, and the BM-ES-23 exploratory block. The average total production of the fields between 2018 and 2019 was 15 thousand bpd of oil and 750 thousand m3/day of gas. 

Camarupim Cluster is located in a water depth between 100 m and 1,050 m, comprising the unitized fields of Camarupim and Camarupim Norte, both producers of non-associated gas. Petrobras said it would accept separate offers by a cluster or single offers for both clusters.

Petrobras has 100% stake in the Golfinho and Camarupim(*) Clusters concessions, with the exception of the BM-ES-23 exploratory block, in which it holds a 65% majority stake, in partnership with PTTEP (20%) and Inpex (15%). Petrobras is the operator in all concessions.

The company said the sale was in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at maximizing value for its shareholders.

Worth reminding, Petrobras on Wednesday completed a $1.5 billion sale of its 50% stake Nigeria-focused joint venture Petrobras Oil & Gas B.V.  (PO&GBV).

PO&GBV has assets in Nigeria, including an 8% interest in the OML 127 block, where the Agbami producing field is located, and 16% in the OML 130 block, which includes the Akpo and Egina producing fields. PO&GBV is not an operator in either of the assets in Nigeria. The 2019 average oil production of PO&GBV assets was about 34 thousand bbl/day net to Petrobras. The sale also marked Petrobras' exit from Nigeria.

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