After a long analysis of the process, Petrobras' board of directors announced the permission to sell the Golfinho and Camarupim fields, both located in the Espírito Santo Basin, to BW Energy, which now intends to focus on oil exploration.

On the morning of this Thursday (23/06), the board of the Brazilian state-owned company Petrobras gave the green light for the sale of the Golfinho and Camarupim oil fields, located in the Espírito Santo Basin, in the state of Espírito Santo, to the energy company BW Energy. In this way, the oil company continues its divestment plan in the Brazilian oil fields and intends to attract new business for the concession of the areas.

Petrobras Board of Directors approves the sale of the Golfinho and Camarupim oil fields, located in the Espírito Santo Basin, to the company BW Energy

After an analysis of the deal by the company's technicians, the board of state-owned Petrobras gave the green light to a deal worth around US$ 75 million with energy company BW Energy this Thursday. This is the sale of the Golfinho and Camarupim oil fields, located in the Espírito Santo Basin, which will now form part of the energy company's portfolio of projects for a greater focus on exploration and commercialization of fuel in the region. 

Both oil fields are located in deep post-salt waters in the Espírito Santo Basin and could contribute to BW Energy's growth in the fuel segment in Brazil.

In addition, Petrobras announced that the signing and finalization of the purchase and sale contract for the fields will be announced shortly, since the approval of the board of the state-owned company accelerated the process. And, in the total value of the transaction, US$ 3 million will be paid on the date of signature of the purchase and sale agreements and US$ 12 million at the closing of the transaction.

Furthermore, the remaining US$ 60 million will be paid in contingent future installments, which depend on future Brent quotations, being the measure used to carry out the sale of oil worldwide. Now, the transaction for the sale of the Golfinho and Camarupim fields, in the Espírito Santo Basin, is still subject to approval by the Administrative Council for Economic Defense (Cade) and by the National Petroleum, Natural Gas and Biofuels Agency (ANP), in order to the formal completion of the purchase and sale agreement.

Golfinho and Camarupim fields will give BW Energy a new perspective for growth in the oil sector with the exploration of the Espírito Santo Basin 

The fields involved in the transaction between Petrobras and BW Energy are highly relevant in the current oil market and could contribute positively to the growth of the energy company.

The Polo Golfinho comprises the fields of Golfinho, producer of oil, and Canapu, responsible for natural gas production, and exploratory block BM-ES23. Meanwhile, the Camarupim Complex comprises the unitized fields of Camarupim and Camarupim Norte, both producers of non-associated gas in the region. 

Thus, the state-owned company intends to use the oil fields in the Espírito Santo Basin as a way to expand its divestment project in structures, since it has a 100% stake in all locations, with the exception of block BM-ES-23 . This is because the oil company has a majority stake of 65%, in partnership with PTTEP (20%) and INPEX (15%), but intends to grant its entire stake in the site with the contract with the energy company. 

In this way, BW Energy will be able to make future investments in the expansion of production and use of oil and natural gas in the Espírito Santo Basin and achieve a new direction in the fuel market in Brazil and worldwide, attracting business to this segment .