Petrobras: Binding-phase begins for Ceara cluser sale

Brazilian oil giant Petrobras has announced the start of the binding phase for the sale of its entire stake in the Ceará cluster, located in shallow waters in the Ceará basin, offshore Brazil.

At this stage of the project, Petrobras said on Thursday, process letters are issued to qualified interested parties with detailed instructions about the divestment process, in addition to guidelines to conduct due diligence and submit binding proposals.

This phase follows the non-binding phase initiated in October 2017, regarding the assignment of all of its exploration, development, and production rights in seven sets of shallow-water fields located in the States of Ceará, Rio Grande do Norte, Sergipe, Rio de Janeiro, and São Paulo.

At the non-binding phase, for each divestment opportunity, more detailed information about the assets was sent to the interested parties qualified.