Petrobras to farm-out interests in five offshore blocks

BRAZILIAN state oil company Petrobras has begun its divestment of five offshore blocks in the offshore Espirito Santo Basin.
Petrobras to farm-out interests in five offshore blocks Petrobras to farm-out interests in five offshore blocks Petrobras to farm-out interests in five offshore blocks Petrobras to farm-out interests in five offshore blocks Petrobras to farm-out interests in five offshore blocks

Paul Hunt

Senior Journalist: Oil & Gas, Policy.

Paul Hunt

 

Petrobras currently holds a 40% non-operational interest in Blocks ES-M-598, ES-M-671, ES-M-673 and ES-M-743, and a 50% operating share in ES-M-596. 

Norwegian oil company Equinor and French major Total hold the remaining interests but are currently transferring their stakes in the blocks to Petrobras. 

Once this completes Petrobras will own 100% interests in three of the concessions and 80% in the remaining two. 

Petrobras yesterday announced it would sell down an interest in each of the blocks to new joint venture partners. 

It said in a media release its planned divestment aimed "maximizing value for shareholders" and "optimizing its portfolio." The sale is part of its previously announced US$30 billion divestment program aimed at completing in 2024. 

"The concessions are strategically positioned in relation to the post-salt discoveries in areas known as Parque dos Deuses, Parque dos Doces and Parque dos Cachorros, in the Espírito Santo Basin," Petrobras said. 

"[The blocks have] potential to prove significant volumes and establish a position in a new exploratory frontier both pre-salt as well as post-salt." 

Interested parties have until June 10 to apply.

 

 

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