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Petrobras Starts Binding Phase in the Sergipe-Alagoas Basin

Source: www.gulfoilandgas.com 8/7/2020, Location: South America

Petrobras, following up on the press release disclosed on June 29, 2020, informs the beginning of the binding phase, referring to the sale of its entire stake in the Tartaruga field, belonging to the SES-107D concession, located in shallow waters of the Sergipe-Alagoas Basin.

Potential buyers qualified for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and the submission of binding proposals.

This disclosure complies with the Petrobras' divestment guidelines and with the provisions of the special procedure for assignment of rights to 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 strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About Tartaruga field
Tartaruga field, belonging to the Concession SES-107D, is located on the northern coast of the state of Sergipe, in the municipality of Pirambu, in shallow waters of the Sergipe-Alagoas Basin. The field wells were drilled directly (from onshore to offshore), from the base located in the onshore portion of the ring-fence. The field´s average production from January to June 2020 was approximately 609.76 bpd of light oil (37º API). Petrobras holds a 25% stake in the field and Maha Energy Brasil Ltda is the operator, with a 75% stake.

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