Petrobras sells ten offshore fields to Trident Energy’s subsidiary

16 July 2020 (Last Updated July 16th, 2020 15:29)

Brazilian state-owned operator Petróleo Brasileiro (Petrobras) has sold its entire stake in the ten fields that comprise the Pampo and Enchova clusters in shallow waters in the Campos Basin to Trident Energy’s subsidiary Trident Energy do Brasil.

Petrobras sells ten offshore fields to Trident Energy’s subsidiary
Petrobras recently commenced decommissioning of Campos Basin platforms. Credit: Petrobras / Enrique Fernandez.

Brazilian state-owned operator Petróleo Brasileiro (Petrobras) has sold its entire stake in the ten fields that comprise the Pampo and Enchova clusters in shallow waters in the Campos Basin to Trident Energy’s subsidiary Trident Energy do Brasil.

Located off the coast of Rio de Janeiro, the Pampo and Enchova Hubs include the Enchova, Enchova Oeste, Marimbá, Piraúna, Bicudo, Bonito, Pampo, Trilha, Linguado and Badejo fields.

The transaction with Trident Energy do Brasil has been concluded with Petrobras a payment of $365.4m.

The deal still requires an additional payment of $650m from Trident Energy do Brasil.

With the completion of this transaction, Trident became the operator of these concessions with a 100% stake.

Last July, Petrobras first signed two contracts for the sale of shallow-water oilfields in Campos and Santos Basins for $1.5bn.

Trident Energy do Brasil general manager Patrick Garo said: “Trident Energy do Brasil already has more than 100 professionals and we expect to reach more than a thousand working directly or indirectly in our operations.

“Our plans are long-term and we will make immediate investments to increase production and protect assets while preparing drilling and workover campaigns. With that, we hope to at least double current production.”

Last week, Petrobras started decommissioning works on the P-12 platform in the Campos Basin offshore Brazil.

Last month, Petrobras started oil and gas production at the Atapu shared deposit in the eastern portion of the country’s Santos basin.

In May, the company released its Q1 financial results, showing its worth dropped by $13.4bn as part of a cash impairment charge.