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Norwegian-Linked Companies Must Submit Bids for Petrobras’ Golfinho Field, Located in the Espírito Santo Basin, Sources Say
The Norwegian BW Offshore Ltd and DBO Energy are among the companies considering making a bid for Petrobras’ Golfinho oil field in the Espírito Santo Basin, two sources said, as the Brazilian state-owned company seeks to reactivate its asset sales program in the country following the collapse in oil prices this year.
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With an average daily production of 15,000 barrels of oil and 750,000 cubic meters of gas, Golfinho is among the largest production fields that Petrobras currently owns in the block.
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Binding bids for the mature oil asset, located off the coast of Espírito Santo, are expected to arrive in early September, the sources said, speaking on condition of anonymity to discuss confidential matters.
Petrobras and BW Offshore declined to comment. DBO did not respond to requests for comment.
DBO is made up of Brazilian and Norwegian executives who have extensive experience operating mature assets in Brazil and the North Sea, according to the company’s website.
BW Offshore became an operator in Brazil in 2019 after regulators approved the $115 million purchase of Petrobras’ offshore Maromba field.
The sources said that other companies may also make a bid for the Golfinho field. While the two companies have been pre-qualified to submit a binding bid, there was no guarantee that both companies would do so, the sources added.
Petrobras Divestment
Currently, Petrobras is selling a variety of assets – from refineries to pipelines and oil fields – in an attempt to reduce debt and increase focus on a prolific deepwater oil-producing area known as the “pre-salt.”
But the drop in oil and fuel prices earlier this year posed significant obstacles to this plan, with executives acknowledging it could take longer than initially expected for Petrobras to meet its deleveraging targets.
In recent weeks, Petrobras has stepped back in gas, accepting binding offers for a major refinery in northeastern Brazil at the end of June, which analysts say could raise up to $3 billion.
Source: Reuters
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