Petrobras selling offshore field and blocks in Brazil

Brazilian oil and gas company Petrobras has started the opportunity disclosure stage (teaser) for the sale of its entire stake of the Papa-Terra field, located in the Campos Basin, and for the sale of part of its interest in exploratory blocks located in the Pará-Maranhão Basin, off Brazil. 

Papa-Terra field; Source: Petrobras

Petrobras said on Monday that these transaction were in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at maximizing value for its shareholders.

Papa-Terra field is part of the BC-20 concession and is located at a water depth of 1,200 meters.

The field started its operation in 2013 and its average oil and gas production in 2019 was 17,300 boe/day, through two platforms, P-61 type TLWP (tension leg wellhead platform) and P-63 type FPSO where the entire production is processed.

A Tender Assist Drilling (TAD) rig, through a charter contract, is installed along with P-61.

Petrobras is the operator of the field with a 62.5% stake, in partnership with Chevron, which holds the remaining 37.5%.

Petrobras is also undertaking a process to sell part of its equity interests in BM-PAMA-3 and BM-PAMA-8 Concessions, located at the Pará-Maranhão Basin.

Petrobras holds 100% of participating interest in BM-PAMA-3 concession and 80% of participating interest in BM-PAMA-8 concession, in partnership with Sinopec, which holds the remaining 20%. Petrobras is the operator. BM-PAMA-3 concession is in the appraisal phase, due to the discovery made in well 1-BRSA903-PAS (Harpia).

The remaining commitment is to drill one firm well and one formation test contingent on the well result.

BM-PAMA-8 concession is composed by the fields PAMA-M-192 and PAMA-M-194. The MEP related do the Second Exploratory Period is one exploration well in PAMA-M-192 field.

The offers must be submitted per concession, after which, Sinopec might exercise its right of preference to acquire the participating interest of Petrobras in BM-PAMA-8 concession.

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