The Divestment Model Is Not Yet Finalized by Petrobras. The Successful Experience with the Sale of Onshore Gas Pipelines May Be an Inspiration.
Petrobras is studying to consolidate all of its offshore pre-salt gas pipelines into a single company and, after that, privatize it through an initial public offering. The oil company announced on Wednesday, the 11th, that it received approval from ANP for agreements on the individualization of the Atapu and Sépia fields.
Owning three routes connecting the fields in the Santos Basin to the coast, the oil company is negotiating with its partners — Shell, Repsol, and Galp — to create an Integrated Transport System (SIE) and is considering eventually selling part or all of its stake in the asset.
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The successful experience of Petrobras with the sale of onshore gas pipelines — sold directly to private operators: Engie, in the case of the Associated Gas Carrier (TAG), and Brookfield, in the case of the New Southeast Transporter (NTS) — may be an inspiration.
Petrobras has not yet finalized the divestment model. The start of the offering is scheduled for October 8, when the final prospectus will be available.
The money raised will be used for exploration and production projects for oil and natural gas from the onerous session contract, and to strengthen cash flow, according to the initial prospectus released.
Restructuring of Gas Pipelines
This year, Petrobras plans the corporate restructuring of its offshore gas pipeline system. The state-owned company operates three routes in the Santos Basin, responsible for connecting the pre-salt fields to the coast of Rio de Janeiro and São Paulo.
The transport pipelines carry gas from the pre-salt fields to the natural gas processing units (UPGNs) on the coast. Once treated, this gas is then injected into the terrestrial transport network to supply the market.
Petrobras’ divestment from the transport pipelines is part of a larger movement to open up the Brazilian natural gas market.
The company signed a commitment term with Cade to fully exit distribution and transport (onshore pipelines) by the end of 2021.
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