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Brazil’s Petróleo Brasileiro (Petrobras) has began the non-binding phase of the sale of its assets in the Gulf of Mexico.

The firm launched the non-binding phase for the sale of its 20% stake in MP Gulf of Mexico (MPGoM), which has interests in 14 offshore fields.

Petrobras holds the minority stake in MPGoM, through its subsidiary Petrobras America, while the remaining 80% stake is held by Murphy Exploration & Production.

The MPGoM joint venture (JV) was created by Petrobras and Murphy Exploration & Production in late 2018.

It was formed through the combination of the two firms’ producing oil and natural gas assets in the Gulf of Mexico.

In 2021, Petrobras’ production share from the offshore fields stood at 10,400 barrels of oil equivalent per day.

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By GlobalData

The sale complies with the Brazilian national oil company’s portfolio management strategy to enhance capital allocation to maximise value.

In a press statement, Petrobras said: “Potential buyers qualified for this phase will receive a process letter containing detailed information about the aforementioned company, in addition to instructions on the divestment process, including guidelines for the preparation and submission of non-binding proposals.”

In a separate announcement, Petrobras and its subsidiary Petrobras Gás (Gaspetro) divested its stake in Companhia Maranhense de Gás (Gasmar), to Termogas, for $11m (BRL56.9m).

Petrobras owned a 23.5% stake in Gasmar, which is focused on providing distribution and sales services for piped natural gas, in the Brazilian state of Maranhão.