Petrobras starts binding phase for sale of Maromba field stake

Brazilian state-owned oil company Petrobras has started the binding phase for a proposed stake sale in the Maromba Field located in the Campos Basin offshore Brazil. 

Petrobras is the operator of the Maromba field with 70% stake in partnership with Chevron which holds the remaining 30% stake.

The Brazilian company revealed the partners’ intention to sell the heavy oil field back in July this year. In the company’s own words, the potential transaction is an opportunity to develop and monetize a heavy oil discovery in shallow waters, close to the producing fields of Peregrino and Papa-Terra.

Petrobras explained on Tuesday that, at this stage of the project, the invitation letters are issued to interested parties qualified in the previous phase, with the instructions about the divestment process, including the guidelines to conduct due diligence and submit binding proposals.

This process in particular will not feature a non-binding phase, pursuant to the divestment methodology approved by Petrobras’ Executive Board and aligned with the guidelines of the Federal Accounting Court (TCU).