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The Hibernation of the Oil Platform Will Not Impact Petrobras’ Divestment Process in the Merluza Hub and the Supply of Natural Gas to the Baixada Santista Market.
Petrobras informed in a relevant fact this morning (07/08) that it approved the hibernation of the Merluza oil platform, located in shallow waters in the Santos Basin. Shipbuilding: Petrobras Gave Up Projects in Brazil to Lower Charter Prices, and Mero 3 FPSO is at Risk of Being Built Abroad.
Petrobras had already halted oil production from the unit since March of this year, when there was a sharp reduction in demand for natural gas.
According to the state-owned company, the hibernation of the Merluza oil platform in the Santos Basin will allow for a reduction in operational costs. The oil company also reports that it will transfer the professionals to other Petrobras units.
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In the notice, Petrobras explains that the hibernation will not impact the divestment process in the Merluza Hub and the supply of natural gas to the Baixada Santista market.
“This decision is aligned with the strategy of optimizing the portfolio and improving the company’s capital allocation, aiming to maximize value for its shareholders”, said the state-owned company in the statement.
About the Merluza Hub, Santos Basin – Petrobras
The Merluza Hub consists of the Merluza and Lagosta concessions, where Petrobras holds 100% participation. Beginning operations in 1993, its average production in 2019 was 3,600 barrels of oil equivalent per day of natural gas and condensate.
Currently, the Merluza and Lagosta oil fields are part of Petrobras’ divestment program and are in a binding phase as announced by the state-owned company on March 31, 2020.
