Petrobras to sell its full stakes in two fields off Brazil’s northeast coast

Petrobras to sell its full stakes in two fields off Brazil’s northeast coast

Petrobras, Brazil’s state oil company, announced it will sell two offshore oil fields, one in production and one not yet developed.

The fields, Piranema and Piranema Sul, are located in deep water in the Sergipe-Alagoas basin off Brazil’s northeast coast.

Petrobras is selling its entire stake in both.

Piranema was discovered in 2001 and is some 23 miles from the coast. It is operated by Petrobras using Norwegian firm Sevan Marine’s SSP300 platform.

In 2017, the field produced just over 4,000 barrels of oil per day.

Piranema Sul, about 19 miles from the coast, was discovered in 1987 but remains undeveloped.

Petrobras is in the midst of divesting many of its assets to improve damage done to its balance sheet by a notorious bribes-for-inflated-contracts graft scandal that has roiled Brazil’s economy and politics for more than four years.

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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