Petrobras Divestment Boosts Entry of New Operators in the Espírito Santo Basin

Several New Operators Are Emerging in the Espírito Santo Basin as Petrobras’s Sales of Onshore and Shallow Water Assets Progress

The state of Espírito Santo has been one of the biggest beneficiaries of Petrobras’s divestment plans. The expectation is that the arrival of new companies will generate jobs and income in the region. Last Thursday (27), Petrobras closed a US$ 155 million deal with Karavan SPE Cricaré, a partnership between Karavan and Seacrest, for participation in 27 E&P areas located in the onshore area of the Espírito Santo basin.

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These fields had an average production of 1,700b/d (barrels per day) of oil and 14,000m3/d (cubic meters per day) of natural gas in the first half of the year. The expectation is that the new operator will seize exploration opportunities in the fields to increase production. The sale is part of Petrobras’s US$ 20-30 billion asset sales program for 2020-24.

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Last week, Petrobras also announced the start of the sales processes for the onshore fields Cancã, Cancã Leste, Fazenda Alegre, Fazenda São Rafael, and Fazenda Santa Luzia and associated infrastructure in the same basin.

The NOC is also selling its stakes in two exploration blocks (ES-T-506 and ES-T-516), as well as six offshore blocks (ES-M-596, ES-M-598, ES-M-671, ES-M-673, ES-M-743, and BM-ES-23, where the discoveries were made in the deep waters of Parque dos Doces) and the fields of Camarupim, Camarupim Norte, Canapu, and Golfinho, all in the Espírito Santo basin.

Last year, the independent Imetame also closed a deal with Petrobras for the purchase of the onshore fields in ES Lagoa Parda, Lagoa Parda Norte, and Lagoa Piabanha.

The Region’s Appeal Is Due Not Only to Its Proximity to Brazil’s Largest and Most Productive Basins, Campos and Santos, but Also to the Installed Infrastructure in Espírito Santo

The state has a natural gas processing unit, the Cacimbas plant, with a capacity of 18.1Mm3/d. It began operations in 2008 and already receives gas from offshore fields in the Espírito Santo basin. Shipyards are also installed in the state, such as Jurong Aracruz, which was responsible for the construction of various platforms that are now producing in the pre-salt region.

According to data from ANP, the Espírito Santo basin currently has 21 blocks in the exploration phase, with 11 onshore and 10 offshore. The maritime concessions are operated by large companies such as Equinor, Repsol, and CNOOC from China. The latter two acquired the blocks in 2017 during the 14th round of concessions and are still in the initial phase of exploration, so the basin is expected to see more activity in the coming years.

Petrobras Maintains Focus on Pre-Salt and Sale of Onshore and Shallow Water Fields from the State in the Espírito Santo Basin Stimulates New Activities

Petrobras shifted its focus away from the area in 2015 when an explosion onboard the FPSO Cidade de São Mateus killed nine people. The unit was responsible for the production of the fields of Camarupim and Camarupim Norte, where production is currently halted.

The expectation is that the arrival of new companies in the region, both onshore and offshore, will reverse the decline in activities, with new wells being drilled and more data acquisitions underway.

At the end of 2019, the Espírito Santo basin had 43.1Mb (million barrels) of oil and 9Bm3 (billion cubic meters) of proved, probable, and possible (3P) reserves offshore, as well as 49.2Mb of oil and 227Mm3 of 3P gas reserves onshore.

Source: Bnamericas