Petrobras Gains Time to Divest from 69 Onshore Oil Fields

Written by Flavia Marinho

Published on 18/12/2020 at 10:38

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Of The 109 Onshore Oil Fields That Should Have Been Sold By December 31, 2020, Petrobras Sold 61 And Returned Another 13 To Anp

Petrobras gains time to complete the sale of 69 mature fields on land and shallow waters. The decision was approved yesterday (12/17) by the National Petroleum Agency (ANP). To Encourage The Exploration Of Onshore Fields, The Government Will Offer Large Regional Blocks

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Petrobras managed to extend the sale of most assets until June next year, while the remaining portion should have the divestment process completed by December 31, 2021.

It has been two years since Petrobras issued a list to the National Petroleum Agency (ANP) expressing interest in relinquishing rights to 183 mature fields.

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The Brazilian oil company managed, as of April this year, to sell 61 fields and return another 13 to the agency. Thus, at that time, there were 109 fields still held by Petrobras, which were supposed to be sold by December 31 of this year.

Despite the state-owned company’s efforts, since April, Petrobras has only managed to finalize the sale of 39 oil fields and returned one of them. Currently, there are 69 onshore assets still in the sales process.

With the new approval from the National Petroleum Agency (ANP), Petrobras will be able to dispose of 54 of the 69 onshore fields by June 30 next year. The assets are part of the Recôncavo, Miranga, Remanso, Peroá/Cangoá, Garoupa, Merluza, and Ceará hubs.

Currently, Petrobras’ onshore fields are already at an advanced negotiation stage, either in the contract closing phase or in the binding proposal stage.

Regarding the remaining 15 assets, the Agency granted a longer deadline for the transaction to be completed; Petrobras has until December 31, 2021, to sell the fields located in the Bahia Terra, Carmópolis, Potiguar, Norte Capixaba, Alagoas, Urucu, and Manati hubs.

Petrobras Gains Time to Divest from 69 Onshore Oil Fields

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