Petrobras Is Close to Reaching 1 Billion Dollars with the Sale of Two Offshore Fields

Written by Paulo Nogueira

Published on 28/05/2019 at 16:09

Updated on 28/05/2019 at 16:13

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Petrobras Would Amortize Its Debts With the Sale of Two Offshore Oil Fields in Rio de Janeiro, a Resource That Could Raise About US$ 1 Billion for the State Company.

Petrobras announced that the deadline for receiving final bids for its oil fields of Pampo and Enchova is until June 5 of this year. The fields offered by the state company are located on the coast of Rio de Janeiro. According to Reuters, the information comes from two sources with knowledge of the matter who requested anonymity for the discussion of confidential topics.

The competition for the purchase of the oil fields is led by Trident Energy, although Petrobras has invited other companies to compete and make their bids, such as PetroRio, based in Rio de Janeiro, the consortium between EIG Global Energy Partners and the Brazilian company Ouro Petro Óleo e Gás.

PetroRio declined to comment. Petrobras, EIG, and Trident did not respond to requests for comments.

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Together, the fields of Pampo and Enchova produce nearly 39,000 barrels of oil equivalent per day, according to data from July 2018, making them the largest mature production assets in Petrobras’ divestment portfolio.

The company’s CEO, Roberto Castello Branco, who took office in January, is guiding the sale of dozens of assets in a bid to reduce debts and with the company’s focus on deep-water production and exploration.

Earlier this Monday, May 27, the state company began the process of selling 27 onshore oil fields in Espírito Santo.

In 2018, the oil company opened exclusive negotiations with the EIG consortium. However, under the rules set by the Federal Court of Accounts (TCU), Petrobras would have to carry out a final re-bid process after the conclusion of bilateral negotiations, allowing third parties to make new bids of any amount, as long as they had the same contractual terms as the bilateral offer.

EIG took advantage of the round of new bids to lower its offer, which led Petrobras to withdraw from the deal, as reported by Reuters in January. The state company then opened exclusive negotiations with the Trident group.

The deadline until June represents the second attempt to obtain a new final offer for the fields. The sources warned that a slight delay is possible but not expected.

The new contract contains a clause known as “earn-out,” under which the buyer may have to pay up to US$ 200 million more to Petrobras after the initial acquisition, depending on oil prices, the sources said.

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Petrobras Is Close to Reaching 1 Billion Dollars with the Sale of Two Offshore Fields

Petrobras Would Amortize Its Debts With the Sale of Two Offshore Oil Fields in Rio de Janeiro, a Resource That Could Raise About US$ 1 Billion for the State Company.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

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