Petrobras puts two Santos Basin fields up for sale

Brazilian oil and gas giant Petrobras has started the sales process for two of its operated fields located in the Santos Basin offshore Brazil.

Uruguá and Tambaú fields - Petrobras
Uruguá and Tambaú fields; Source: Petrobras

Petrobras said on Wednesday it has started the opportunity disclosure stage (teaser), referring to the sale of the totality of its stake in the Uruguá and Tambaú fields, belonging to the BS-500 concession off the state of Rio de Janeiro.

The main subsequent stages of the project will be reported to the market in due course.

This transaction is in line with the company’s strategy of portfolio optimization, debt reduction, and capital allocation improvement, as it increasingly concentrates its resources in world-class assets in deep and ultradeep waters.

The Uruguá and Tambaú fields belong to the BS-500 concession, which was acquired through the Zero Round of the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The fields are located in the northern portion of the Santos Basin, between 140 and 160 km off the coast of the state of Rio de Janeiro, in water depths ranging from 1,000 to 1,500m. The fields’ production, in 2020, was approximately 5 thousand bpd of oil and 918 thousand m3/day of gas. Petrobras holds a 100 per cent stake in both fields.

The potential transaction includes the Uruguá-Mexilhão Gas Pipeline, which is about 174km long, between Uruguá field and Mexilhão platform.