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July 4, 2016

Petrobras to sell nine shallow-water oilfields in Brazil

Brazil's state-run oil company Petróleo Brasileiro (Petrobras) is selling nine small, shallow-water oilfields in the states of Ceará and Sergipe.

Brazil’s state-run oil company Petróleo Brasileiro (Petrobras) is selling nine small, shallow-water oilfields in the states of Ceará and Sergipe.

The company already started the process of transferring rights of oil and natural gas exploration, development and production in these fields.

The nine concessions being offered reported an average production of 13,000bpd of oil equivalent last year, which represent 0.5% of Petrobras’s total production.

Petrobras grouped these fields into production complexes, with integrated installations, in a bid to provide new concessionaires with full operating conditions.

"The nine concessions being offered reported an average production of 13,000bpd of oil equivalent last year."

The concessionaires are Caioba, Camorim, Dourado, Guaricema e Tatuí in Sergipe and Curimã, Espada, Atum e Xaréu in Ceará.

The company plans to carry out the sale process in a competitive manner and will also evaluate the terms and conditions of the proposals that have been received.

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Petrobras said that the sale of these assets is part of its divestment strategy.

The Wall Street Journal reported that the sale of these nine concessions is part of the company’s efforts to dispose noncore assets as part of its $15bn divestment plan.

Petrobras also plans the sale of a share in its fuel-retailing unit BR Distribuidora, as well as its Nova Transportadora do Sudesta natural gas pipeline unit.

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