Petrobras' Divestment in the Northeast: State-Owned Company Puts Offshore Oil Fields in Ceará Up for Sale

Petrobras’ Divestment in the Northeast: State-Owned Company Puts Offshore Oil Fields in Ceará Up for Sale

Written by Flavia Marinho

Published on 05/11/2020 at 08:28

Nordeste: a venda dos campos de petróleo offshore, no Ceará, inclui a totalidade da participação da Petrobras em águas de Atum, Curimã, Espada e Xaréu

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Northeast: The Sale of Offshore Oil Fields in Ceará Includes Petrobras’ Entire Stake in Atum, Curimã, Espada, and Xaréu

Petrobras announced yesterday (11/04) divestments in the Northeast, as the state-owned company commenced the binding phase regarding the sale of its entire stake in the offshore oil fields in shallow waters of Atum, Curimã, Espada, and Xaréu (Ceará Polo), located in the State of Ceará. Petrobras also announced the sale of other oil fields located in the Recôncavo and Tucano Basins in Bahia.

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According to the state-owned company, potential buyers qualified for this phase will receive an invitation letter with instructions on the divestment process, including guidelines for conducting due diligence and submitting binding proposals.

Petrobras states that the Ceará Polo in the Northeast has been in operation since the 1980s, comprising the Atum, Curimã, Espada, and Xaréu fields, located 30 km from the coast of the state of Ceará, in water depths between 30 and 50 meters.

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In 2019, the fields produced an average of 4,200 bpd of oil and 76,900 m³/d of gas. Production in the polo is carried out through 32 wells and nine fixed platforms (three of which are manned).

However, the offshore fields in the Ceará Basin – Northeast, have been inactive since the end of March due to low oil prices and the coronavirus crisis.

Oil produced from the assets is transported by shuttle tankers, while gas production is exported via pipelines to Lubnor, located in Fortaleza, which is also being sold by Petrobras.

Interested buyers may also receive all associated infrastructure with the field, including the Port of Paracuru and electrical substation in the municipality of Pecém, CE – Northeast.

Petrobras is the operator of these fields, holding a 100% stake in the exploration and production rights of the concession contracts pertaining to these fields.

Northeast – Petrobras’ Exit Could Create New Scenario for Ceará

With the divestment process of Petrobras in Ceará – Northeast, the state could become a pioneer in 100% privately-owned maritime production in Brazil, as all offshore oil and gas production in CE is limited to the four fields included in the sale.

The concession contract for the Atum, Xaréu, Curimã, and Espada assets is effective until 2025. Petrobras published the complete teaser where potential buyers can evaluate additional information as well as all eligibility criteria.

Petrobras’ Divestment in the Northeast: State-Owned Company Puts Offshore Oil Fields in Ceará Up for Sale

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Petrobras’ Divestment in the Northeast: State-Owned Company Puts Offshore Oil Fields in Ceará Up for Sale

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