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Petrobras to sell stakes in 2 concessions in Brazil's Espirito Santo Basin

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Petrobras to sell stakes in 2 concessions in Brazil's Espirito Santo Basin

State-owned oil company Petróleo Brasileiro SA plans to sell its stakes in the Golfinho and Camarupim clusters in the Espírito Santo Basin offshore Brazil, according to a Jan. 15 securities filing.

The Golfinho cluster, in water depths ranging between 1,300 meters and 2,200 meters, consists of the oil-producing Golfinho field, the non-associated gas-producing Canapu field and the BM-ES-23 exploratory block. The fields produced an average of 15,000 barrels of oil per day and 750,000 cubic meters of gas per day between 2018 and 2019.

The Camarupim cluster, in water depths between 100 meters and 1,050 meters, comprised the unitized non-associated gas-producing Camarupim and Camarupim Norte fields.

Petrobras, as the Brazilian oil giant is commonly known, operates the clusters and has a 100% stake in most fields with the exception of the BM-ES-23 exploratory block, where it holds a 65% stake alongside PTT Exploration and Production PCL, a subsidiary of Thai oil major PTT PCL, and Japanese exploration and production company Inpex Corp., with interests of 20% and 15%, respectively. Offers can be made per cluster or as a single offer for both.

The divestment is in line with Petrobras' ongoing plan to sell assets in order to reduce debt. The divestment program had brought in $15.3 billion as of Oct. 15, 2019, and the Brazilian oil major plans to extend the program to 2024.