PetroReconcavo has reportedly commenced talks to acquire a cluster of 34 oilfields from Brazilian state-run firm Petrobras in the state of Rio Grande do Norte in the northeastern part of the country.
Petrobras originally agreed to sell the onshore oilfields to independent oil company 3R Petroleum last November for $453m.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
However, the deal was shelved after 3R Petroleum failed to arrange funding for the transaction, Reuters reported, citing two unidentified oil industry sources.
According to the sources, PetroReconcavo is likely to offer less than the $453m amount agreed by 3R Petroleum for the fields, which are collectively known as Riacho da Forquilha.
Petrobras has been selling its non-core assets as part of its divestment strategy in order to reduce its debt. The sale of the assets will allow the company to focus on its core deepwater exploration and production.
The company is targeting $27bn in asset sales. Earlier this month, sources told the news agency that the state-run company relaunched the bidding process for the sale of its TAG natural gas pipeline network, which is expected to fetch around $8bn.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataInterested parties have time until 2 April to submit their bids in the second round, which was requested by Brazil’s audit court.
The sale of a 90% interest in the pipeline network was delayed due to legal hurdles, including an injunction issued by a Brazilian court.
Petrobras appealed to a higher court, which allowed the company to continue the sale process.
TAG spans ten states and operates 4,506km of gas pipelines.
In the first phase of the sale process, the company drafted a sale contract with a consortium of French energy firm Engie and Canadian pension fund Caisse de Dépot et Placement du Québec, according to the news agency.
Other groups bidding for the asset include one led by Australia’s Macquarie Bank and another comprising EIG Global Energy Partners and Mubadala Development.
According to Bloomberg, Macquarie departed the group that was expected to take part in the bidding.
