Petrobras in non-binding phase of Bauna, Tartaruga Verde sale process

Petrobras has started non-binding phases for the sale of Bauna and Tartaruga Verde fields offshore Brazil.

The company is divesting its entire stake in Baúna field located in shallow waters in the Santos Basin and is also looking to sell a 50 percent of its non-operated working interest in Tartaruga Verde field and Module III of Espadarte field, both located in deep water in Campos Basin.

Petrobras said that, at this stage, the interested parties qualified in the previous phase will receive instructions on the divestment process, including guidelines for the elaboration and submission of non-binding proposals, and access to a virtual data room containing more information about the assets put up for sale.

To remind, two years ago, Petrobras had been in exclusive talks Australia’s Karoon over the sale of an interest in Bauna and Tartaruga Verde fields, however, shortly after the starts of negotiations, court proceedings were initiated against the potential sale of the assets, alleging that Petrobras did not follow the correct sale process. An injunction was granted on November 19, 2016, suspending the potential sale.

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