trending Market Intelligence /marketintelligence/en/news-insights/trending/Q3z7aWVH9JvWiOdGGr3Gww2 content esgSubNav
In This List

Petrobras starts binding phase to sell assets in Brazil's Espirito Santo Basin

Blog

European Energy Insights - May 2021

Blog

Metals & Mining Insights May 2021

Blog

[Report]: 2021 Corporate Renewables Outlook

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective


Petrobras starts binding phase to sell assets in Brazil's Espirito Santo Basin

Petróleo Brasileiro SA - Petrobras started the binding phase to sell all of its stakes in the Peroá and Cangoá fields and the BM-ES-21 concession in Brazil's Espírito Santo Basin, according to an Aug. 5 securities filing.

The sale, announced July 5, includes Petrobras' 100% stake in the Peroá and Cangoá fields and its 88.9% interest in the BM-ES-21 exploration block.

The Peroá and Cangoá shallow-water fields produce about 900,000 cubic meters per day of nonassociated gas, and block BM-ES-21 contains the Malombe gas discovery.

The offer is part of the Brazilian oil giant's ongoing plan to sell assets to reduce debt and focus on offshore projects. On its second-quarter earnings call, Petrobras said it was almost $13 billion into the divestment plan.