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The French Player Considers Potential Sale of Assets in the Southern North Sea
The French operator Perenco, which also acquired part of Petrobras’ operations in the Campos Basin, confirmed that it is considering the sale of its assets in the southern North Sea and has hired consultants to handle the process. The confirmation follows reports in UK newspapers over the weekend that Perenco had launched a review.
A spokesperson for Perenco said on Monday: “As part of an assessment of its future global investment priorities, Perenco is reviewing strategic options for its gas business in the southern North Sea, which may or may not lead to divestments or new partnerships. At this time it is business as usual.” Tudor Pickering Holt has been hired as an advisor.
Perenco’s production from its assets in the UK was around 60,000 barrels of oil equivalent per day last year, including the onshore Wytch Farm oil field, in which it holds a 95% stake. This field is not, however, part of the review process.
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Perenco in Brazil
In November 2018, Petrobras concluded a deal with Perenco in which the state-owned company was transferring operations of the Pargo, Carapeba, and Vermelho fields in shallow waters of the Campos Basin. The deal is valued at around US$ 370 million.
Internal sources say the company will establish its operational base in the city of Macaé. This deal now only depends on ANP (National Agency of Petroleum, Natural Gas and Biofuels) approval to be sanctioned and the necessary licenses from Ibama.
