Petrobras Starts Binding Phase on E&P Assets

Source: www.gulfoilandgas.com 4/17/2020, Location: South America

Petrobras, following up on the press release disclosed on 02/03/2020, announces that it has started the binding phase referring to the sale of its entire stake at the Papa-terra field, located in deepwater in the Campos Basin. Qualified parties for this phase will receive a process letter with instructions on the divestment process, including guidelines for due diligence and submission of binding proposals.

This disclosure complies with Petrobras' divestment guidelines and is aligned with the provisions of the special procedure for assignment of rights on exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018. This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at generating value for our shareholders.

About Papa-terra field
Papa-terra field is part of the BC-20 concession and is located at a water depth of 1,200 meters. The field started its operation in 2013 and its average oil and gas production in 2019 was 17,300 boe/day, through two platforms, P-61 type TLWP (Tension Leg Wellhead Platform) and P-63 type FPSO (Floating Production Storage and Offloading) where the entire production is processed. The P-61 counts with a chartered Tender Assist Drilling (TAD) rig. Petrobras is the operator of the field, with 62.5% stake, in partnership with Chevron, which holds the remaining 37.5%.


Angola >>  4/16/2021 - - Puma Energy’s balance sheet recapitalized from US$500m Rights Issue and US$600m sale of Angolan assets to Sonangol
- Sonangol agreed the sale ...

Ireland >>  4/16/2021 - Ørsted has entered into an agreement with Brookfield Renewable, a global owner and operator of renewable power assets, to acquire a 100 % equity inter...

United Kingdom >>  4/16/2021 - Storegga, through its wholly owned subsidiary Pale Blue Dot Energy, Shell, and Harbour Energy (“Harbour”), the partners in the Acorn Project, one of t...
Algeria >>  4/15/2021 - Sonatrach, Algeria’s national energy company, has terminated the contractual interest held by the U.K. company Sunny Hill Energy through its wholly ow...

Scotland >>  4/15/2021 - Energiekontor and Capital Dynamics, an independent global private asset management firm, announced the acquisition of a 100 percent equity stake in th...
Turkey >>  4/15/2021 -  Valeura Energy Inc. (VLU) (“Valeura”) has agreed with TBNG Limited (the “Buyer”) to amend the long stop date (the “Outside Date”) for the completion ...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.