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Binding Phase Started for Sale of Tartaruga Field by Petrobras; Potential Buyers of This Offshore Asset Will Receive a Process Letter
The Brazilian oil company Petrobras has started the binding phase for the sale of all its stake in the shallow water Tartaruga field, located in the Sergipe-Alagoas Basin, offshore Brazil. This operation is aligned with Petrobras’ divestment process of onshore and shallow water assets to focus its resources on deep and ultra-deep waters.
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At the end of June, Petrobras initiated the opportunity disclosure stage, commonly known as a teaser, for the sale of the Tartaruga field, intending to divest all of its stake in the field, along with the existing integrated facilities.
Petrobras holds a 25% stake, while Maha Energy, the operator of the field, holds the remaining 75%. The transaction also included the option to enter into a crude oil purchase and sale agreement with Petrobras and a gas purchase and sale agreement with Maha. This type of deal would allow the buyer to sell what they produce.
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Last week, Petrobras stated that qualified potential buyers for the binding phase will receive a process letter with detailed instructions on the divestment process, including guidelines for submitting binding proposals.
It is worth noting that although the field is offshore, the production facilities are located on land, producing from directional wells. The average production of the field from January to June 2020 was approximately 609.76 bpd of light oil.
About Petrobras’s Tartaruga Field
The Tartaruga field is located off the coast of the municipality of Pirambu, in the Sergipe-Alagoas Basin. The average production of this offshore asset from January to May of this year was around 580 bpd of light oil (37° API).
Petrobras has also stated that there is potential to increase production with the onsite volume estimated at 21.63 million barrels of oil.
Petrobras Advances Sale of Seven Onshore Oil and Gas Fields in Amazonas State
This Friday (08/07), Petrobras announced in a relevant fact the beginning of the binding phase for the sale process of onshore oil and natural gas producing fields in the Urucu Cluster, located in the Solimões Basin, Amazonas. The fields are among the largest onshore producers in Brazil.
In addition, the state-owned company is selling the four natural gas processing units (UPGNs) and treatment and compression stations, oil tanks, and LPG spheres. Learn More Here.
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