The MME determined the suspension of the sale of the oil company's assets for a review of the National Energy Policy. Now, the transaction between BW Energy and Petrobras for the purchase of Brazilian oil fields is delayed, reports the multinational.

The multinational energy company BW Energy recently announced further delays in the process of acquiring the deepwater oil fields of Golfinho and Camarupim from Petrobras. The assets, located in the Espírito Santo Basin, are part of the divestment plan of the state company, which had to be suspended following a recommendation from the Ministry of Mines and Energy (MME). The multinational highlighted that it will keep the global market updated on the decisions regarding the transaction.

MME determines the suspension of Petrobras' divestment projects in its oil fields and delays the oil company's transaction with BW Energy

Petrobras continues to suffer the impacts of the MME's decision to suspend the sale of its oil fields on the international market. In addition to the shares having plummeted after the announcement on Wednesday, the company's transactions are now threatened.

BW Energy, which was negotiating the purchase of the deepwater oil fields of Golfinho and Camarupim, located in the Espírito Santo Basin, announced that the ministry's request will delay the completion of the acquisition.

“BW Energy was informed by Petrobras about a review of the transactions of the Golfinho and Camarupim Clusters as part of a broader analysis of Petrobras’ ongoing divestment program initiated by the Ministry of Mines and Energy (MME) in Brazil,” said the company. multinational in a recent statement.

O MME justified the suspension of the sale of Petrobras oil fields based on the review of the National Energy Policy.

The ministry's objective is to ensure the necessary changes in the policy, based on the assets currently owned by the state-owned company.

During the month of June 2022, BW Energy signed an agreement with the state-owned oil company to acquire 100% of the operating interest (WI) in the Clusters of Dolphin and Camarupim, in the Espírito Santo Basin.

The company sought to expand its operations in oil exploration in Brazilian fields over the next few years. The expectation was to finalize the transaction during the year 2023.

However, the MME's new decision ended up putting aside the plans of the multinational and the state-owned oil company.

Lula's government seeks to keep Petrobras' assets under the company's command. The company highlights that it will keep the market updated on the transaction 

In addition to the review of the National Energy Policy by Petrobras, the establishment of a new composition of the National Energy Policy Council (CNPE) is another factor that led the MME to take the decision to suspend the sale of the company's assets.

The Lula government has already reinforced its position regarding the privatization processes of the state-owned company's assets. The objective is to keep as many oil fields as possible under the control of the Union.

The ministry's decision has significantly affected the oil company's processes, even though Petrobras reinforces that this is not happening.

The state-owned company's shares fell considerably over the last Wednesday, due to doubts about investments in the company's oil fields.

Now, BW Energy highlights the delays in the purchase of the oil company's assets in Holy Spirit Basin.

For the next few days, what is expected is that the transaction between BW Energy and Petrobras will not be affected, as well as new updates from the MME regarding the process for selling the company's oil fields.