The negotiated slice, equivalent to 40% of the ES-M-673 block, was sold by Equinor to Petrobras and approved by Cade
Cade (Administrative Council for Economic Defense), through its General Superintendence, approved the sale of Equinor's stake in block ES-M-673 to Petrobras. The slice is located in the Espírito Santo Basin.
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To be fully implemented, the deal depends on the approval of the National Petroleum, Natural Gas and Biofuels Agency (ANP). However, the Council's superintendence verified that there are impediments and that the deal will not affect the oil and gas extraction market, ensuring competitiveness with other companies in the sector.
Petrobras already owned 40% of the block and now owns 80%. The remaining 20% belong to the company Enauta.
The ES-M-673 block in question is still in the exploratory phase. According to Cade, “At this stage, it is not possible to estimate the impact that a given concession will have on the domestic or world oil and natural gas market, as it cannot even be said that exploration of the concession will result in the discovery of oil and natural gas in a commercial volume that justifies its development and subsequent commercialization”.
Still, according to the superintendence, the operation will not generate immediate economic concentrations in the oil and gas extraction market. “Therefore, this General Superintendence understands that this operation does not give rise to competition concerns and can be approved under summary procedure”, he concluded.
