Petrobras proceeding with divestment of some deepwater E&P assets

Petrobras proceeding with divestment of some deepwater E&P assets

Brazil’s troubled state oil firm Petrobras on Tuesday announced it is going ahead with the divestment of parts of some of its offshore oil fields, according to Reuters.

It means selling 50% of its E&P stake in the Tartaruga Verde field, and a section (Module III) of the Espadarte field, plus its whole stake in the Bauna field.

Tartaruga and Espadarte are deep-water assets in the Campos Basin. Bauna is in the Santos Basin.

In the Tartaruga and Espadarte cases Petrobras would be divesting 50% of non-operated working interest.

First oil is expected from Tartaruga Verde some time in this second quarter of the year, and from Espadarte in the first quarter of 2021.

Petrobras has been on a big divestment drive as it tries to shore up its finances after they were hit hard by the revelations about a multibillion-dollar graft scheme.

The bribes-for-inflated contracts scheme involved executives at Petrobras and numerous contractor companies. Several people have been jailed over the affair.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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