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Maha Energy looking to buy Petrobras’ stake in Brazilian offshore field

The divestment of the stake in the Tartaruga field is part of Petrobras’ plan to focus more on profitable deepwater operations.

Sweden-based Maha Energy is looking to purchase Brazilian state-run oil company Petrobras’ stake in the Tartaruga oil field, located in the shallow waters of Brazil’s Sergipe-Alagoas basin, reported Reuters.

The move comes after Maha Energy was unsuccessful in its first attempt to buy the Brazilian company’s asset, Maha Energy investor relations officer Victoria Berg told the news agency, in an e-mail.

In 2020, Petrobras announced its plans to sell its 25% stake in the Tartaruga shallow-water field. Maha Energy owns the remaining 75% interest in the field.

Petrobras recently said that the stake sale process for the Tartaruga field was unsuccessful, and it plans to restart the process to divest the asset from the beginning.

In a press statement, Petrobras said: “Thus, reinforcing its commitment to the broad transparency of its divestment projects and portfolio management, Petrobras informs that it is restarting the divestment process, with the disclosure of a new opportunity.”

Berg said that Maha initiated talks with Petrobras regarding the stake in the oil field, but the talks were unsuccessful due to ‘financial/contractual’ reasons.

Berg added: “Maha will most likely be interested in participating [in] the relaunched Tartaruga divestment as this represents a natural growth opportunity in a block that we currently operate and plan to further develop, having allocated capital investments in the near term.”

The stake sale in the field is part of Petrobras’ strategy to reallocate resources to profitable and prolific deepwater operations.

Located on the northern coast of the state of Sergipe, in the city of Pirambu, the Tartaruga field reported an average production rate of approximately 222 barrels per day of light oil (37º API) and 4,660m³/day of associated gas in 2021.

Last month, Petrobras announced that it was nearing a deal to sell control of the Bolivia-Brazil natural gas pipeline to EIG Energy Partners.

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