Petrobras Puts 22 Oil Fields in Bahia Up for Sale

Written by Renato Oliveira

Published on 04/06/2019 at 01:00

Updated on 03/06/2019 at 19:16

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Sale of Assets in Bahia Is Part of the Divestment Program, with Most Being Fields Where Petrobras Holds 100% Stake

Petrobras’ onshore fields in Bahia are numbered. 22 onshore fields have just entered the list of assets in the company’s divestment program.
Petrobras intends to divest its total stakes in the Recôncavo and Rio Ventura fields.

The announcement was made yesterday afternoon (06/03) and the divestment also involves shared production handling and treatment facilities for the fields.
Aligned with the new president of Petrobras, Roberto Castello Branco’s line of thought, who stated that Petrobras will prioritize its core business, which is Exploration and Production (E&P).

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The Fields of Bahia

The fields in Bahia that Petrobras intends to divest are those in the Recôncavo Pole, comprising 14 onshore concessions with an average total production of about 2.8 thousand bpd of oil and 588 thousand m³/day of gas in 2018.
The other pole in Bahia is Rio Ventura, which includes 8 onshore concessions producing 1.5 thousand bpd of oil and 43 thousand m³/day of gas last year.

With the exception of two concessions in the Recôncavo Pole, Cambacica and Guananbi, where its stake is 75% and 85%, all other concessions are 100% owned by Petrobras.

In Petrobras’ official statement, the company’s intention with the divestments was clarified, “These operations are aligned with the optimization of the portfolio and the improvement of the company’s capital allocation, aiming to generate value for our shareholders”.

See also! The leniency agreement signed by Braskem includes, in addition to the return of the billion-dollar amount, the possibility for the company to again receive loans and participate in federal government bids.

Petrobras Puts 22 Oil Fields in Bahia Up for Sale

Sale of Assets in Bahia Is Part of the Divestment Program, with Most Being Fields Where Petrobras Holds 100% Stake

The Fields of Bahia

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