Petrobras launches sale of two Campos Basin assets

Brazilian oil giant Petrobras has started the opportunity disclosure stage related to the sale of its 50% non-operated working interest in two deep water offshore exploration and production assets located in the Campos Basin off Brazil. 

This stage of the process, also know as teaser, has been launched for the Tartaruga Verde field (BM-C-36 Concession) and Module III of Espadarte field.

Petrobras has a 100% working interest in Tartaruga Verde field. One of the reservoir field extends beyond the BM-C-36 concession limit and has a Production Individualization Agreement (AIP) signed with Pré‐Sal Petróleo S.A. (PPSA).

Development plan consists of a dedicated FPSO, Cidade de Campos dos Goytacazes MV‐29, chartered from MODEC, connected to subsea wells (oil producers and water injectors), and a 29 km flexible pipeline that will connect to the Campos Basin gas grid.

According to MODEC, the FPSO will be capable of processing 150,000 barrels of crude oil per day, 176 million standard cubic feet of gas per day, 200,000 barrels of water injection per day and have storage capacity of about 1,600,000 barrels of crude oil.

The first oil is expected for the second quarter of 2018, and it must reach a peak of production above 100 thousand barrels per day in 2019, with all the production being drained by the FPSO Cidade de Campos dos Goytacazes.

Petrobras has a 100% working interest in Module III of Espadarte field. The development of the production of this module will be carried out by interconnecting a well to the same FPSO allocated in Tartaruga Verde field.

The first oil is expected for the first quarter of 2021, with peak production reaching 10.5 thousand barrels per day.

The well has already been drilled and completed and will be placed on production by using a multi‐phase pumping method on a mudline SKID.

Besides the teaser, the main subsequent phases of each divestment project are start of the non-binding phase; start of the binding phase; concession of exclusive negotiation; transaction approval by Senior Management and signature of contracts; and closing.