Petrobras Launches Sale of Peroá, Cangoá, and Malombe in the Espírito Santo Basin

Written by Paulo Nogueira

Published on 09/07/2019 at 11:10

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The Brazilian oil giant Petrobras has begun the opportunity disclosure phase for the sale of its entire stake in the Peroá and Cangoá production fields and the Malombe discovery in the Espírito Santo Basin, offshore Brazil. In this phase of the process, also known as a “teaser”, it also relates to the sale of the shared exit and offshore and onshore production pipeline facilities to the Cacimbas Gas Treatment Unit.

The company holds 100 percent in the shallow water fields of Peroá and Cangoá, which currently produce around 900,000 cubic meters per day of non-associated gas, and also owns an 88.9 percent stake in the deep water BM-ES-21, a block containing the Malombe discovery.

Petrobras stated that the plan to divest the assets is in line with optimizing its portfolio and improving Petrobras’ capital allocation, aiming at generating value for its shareholders.

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The fields have been operational since 2006 and 2009, respectively, with a peak production of over 7.3 million cubic meters per day of non-associated gas in 2008 and a total cumulative gas production of 9,499 million cubic meters by the end of 2018.

The production system is based on up to six wells connected to the unmanned offshore platform PPRA-1, located in 67 meters of water depth. Another well is directly connected to the pipeline that links the platform to the onshore UTGC processing facility.

Among the wells connected to the platform, three are operational in Peroá and one is operational in Cangoá.

Malombe Discovery

The Malombe discovery was made in 2011 with the drilling of the exploration well 1-ESS-206 in the BM-ES-21 concession, acquired during the 6th bidding round of the ANP in 2004.

Currently, the area is under a discovery evaluation plan with the declaration of commerciality expected in the second half of 2019.

The development concept for the discovery consists of a subsea tie-back of the exploration well to the PPER-1 platform. The final investment decision (FID) is expected in the fourth quarter of 2019, and first gas is anticipated in the first quarter of 2023, with peak production reaching 2.5 million cbm of gas per day.

It is worth noting that Repsol decided to exit its 11.1% stake in the concession in June, in favor of Petrobras. The withdrawal is still subject to approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Thus, if the ANP approves Repsol’s withdrawal, Petrobras’ working interest in the Malombe field would increase from 88.9 to 100%.

Petrobras Launches Sale of Peroá, Cangoá, and Malombe in the Espírito Santo Basin

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Malombe Discovery

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