Brazilian oil and gas company Petrobras is evaluating the potential sale of its Polo Bahia onshore oil and gas operations in Bahia state, according to its CEO Magda Chambriard, Bloomberg has reported.
The Polo Bahia Terra, currently producing less than a single well in the pre-salt region, is known for its comparatively high production compared to the pre-salt deepwater fields that contribute more than 70% of Brazil’s oil output.
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Petrobras is assessing various options for the Polo Bahia hub, which comprises 28 onshore fields. Returns and shareholder interests are its priority, as reported by Reuters.
Chambriard highlighted the challenges of the Polo Bahia hub during the Strategic Forum for the Brazil-China Naval Industry in Rio de Janeiro, stating: “The current operation at the Polo Bahia produces very little oil but requires significant effort. Extracting from those onshore fields was more viable when oil prices were higher, at $90 to $100 per barrel, than it is at the current $65 per barrel.”
Brazil’s oil regulator reports that the Bahia Terra cluster has an output of 12,400 barrels of oil equivalent per day (boed).
The sale process for these concessions began in 2020 but was paused following President Luiz Inacio Lula da Silva’s return to office in 2023, which also saw the end of former President Bolsonaro’s divestment strategy.
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By GlobalDataChambriard added: “This is on our table and we haven’t decided yet what we’re going to do, whether to keep it with us, outsource the operation or transfer the asset. It’s on the table, we’re studying it and we’re going to do what’s best and most profitable for us and our shareholders.”
In a related development, Brazilian and Chinese shipyards have signed memoranda of understanding to advance technological and commercial partnerships, coinciding with Petrobras’s increased need for vessels.
In early July 2025, Petrobras announced that it will invest 33bn reais ($6bn) in refining and petrochemical projects in Rio de Janeiro to enhance production capacities and embrace decarbonisation initiatives.
