Companies linked to Norway must make proposals for Petrobras' Golfinho field, located in the Espírito Santo Basin, say sources

Norway's BW Offshore Ltd and DBO Energy are among companies mulling a bid for Petrobras' Golfinho oil field in the Espírito Santo Basin, two sources said, as the Brazilian state-owned company seeks to revive its asset sale program in the country after the collapse of 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 has in the block.

Binding offers for the mature oil asset, located off the coast of Espírito Santo, are expected to arrive in early September, said the sources, who requested anonymity to discuss confidential matters.

Petrobras and BW Offshore declined to comment. The DBO did not respond to requests for comment.

The 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 the Maromba offshore field from Petrobras.

Sources say other companies may also bid for the Golfinho field. While the two companies were pre-qualified to make a binding offer, there was no guarantee the two companies would do so, the sources added.

Petrobras Divestment

Petrobras is currently selling a range of assets – from refineries to pipelines and oil fields – in a bid to reduce debt and increase focus on a prolific deepwater oil-producing region known as the “pre-salt”.

But the drop in oil and fuel prices earlier this year has posed significant obstacles to that plan, with executives acknowledging that it could take longer than initially anticipated for Petrobras to reach its deleveraging targets.

In recent weeks, Petrobras has pulled back on gas, accepting binding offers for a large refinery in northeastern Brazil in late June that analysts say could raise as much as $3 billion.

Source: Reuters