Petrobras kicks off binding phase for Ceará Cluster sale

Brazilian oil major Petrobras has kicked off the binding phase for the sale of its ownership in shallow-water fields in the Ceará Cluster offshore Brazil.

The Ceará Cluster is located at a distance of 30 kilometres from
the coast of the state of Ceará in water depth between 30 and 50 metres. It has
been in operation since the 1980s.

The Cluster comprises of the Tuna, Curimã, Espada, and Xaréu
fields in which Petrobras owns a 100 per cent stake.

The average production in 2019 was 4,200 bpd of oil and 76.900
standard cubic metres per day of gas, through nine fixed platforms.

Petrobras said on Wednesday that the sale was in line with
the portfolio optimization strategy and the improvement of the company’s
capital allocation. The company has opted to concentrate its resources on
world-class assets in deep and ultra-deep waters.

Petrobras added that potential buyers qualified for the
binding phase of the Ceará Cluster sale would receive a process letter with
detailed instructions on the divestment process, including guidelines for due
diligence and the submission of binding proposals.

It is worth reminding that the non-binding phase for the Ceará Cluster sale was announced on 7 August 2020.