Petrobras Puts Up For Sale Stake In Oil Exploration Blocks In The Espírito Santo Basin

The Oil Blocks for Sale by Petrobras Belong to the Concessions ES-M-596_R11, ES-M-598_R11, ES-M-671_R11, ES-M-673_R11, and ES-M-743_R11

Petrobras announced last night (09/12) the start of the binding phase regarding the sale of a portion of its stake in the exploratory oil blocks in the Espírito Santo Basin. Over 200,000 Jobs in the Oil and Gas Sector! Multinationals Are Already Hiring Professionals in Macaé, Says the Brazilian Association of Oil Service Companies (Abespetro)

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The oil blocks in Espírito Santo belong to the concessions ES-M-596_R11, ES-M-598_R11, ES-M-671_R11, ES-M-673_R11, and ES-M-743_R11,

About the Concessions and Petrobras’ Participation in the Exploratory Oil Blocks in Espírito Santo

The concessions for the exploratory blocks ES-M-596_R11, ES-M-598_R11, ES-M-671_R11, ES-M-673_R11, and ES-M-743_R11 were acquired in the 11th Bidding Round of the National Agency of Petroleum, Natural Gas and Biofuels – ANP in 2013 and are currently in the 1st Exploratory Period.

Check below the current participation of the Brazilian state-owned company in the concessions

• ES-M-596_R11 Petrobras (50%) – operator; Equinor (50%)
• ES-M-598_R11 Petrobras (40%); Equinor (40%) – operator; Enauta (20%)
• ES-M-671_R11 Petrobras (40%); Equinor (35%) – operator; Total (25%)
• ES-M-673_R11 Petrobras (40%); Equinor (40%) – operator; Enauta (20%)
• ES-M-743_R11 Petrobras (40%); Equinor (35%) – operator; Total (25%)

The process of assignment for the Brazilian state-owned company of Equinor’s stakes, with subsequent transfer of operations, and Total’s, is underway before CADE and ANP, with a forecast for completion in the second half of 2020.

See below a summary of the concessions and the total percentage of divestment of the state-owned company after the completion of the processes before the regulatory bodies

• ES-M-596_R11 Petrobras with 100% participation;
• ES-M-598_R11 Petrobras with 80% participation and Enauta with 20% participation;
• ES-M-671_R11 Petrobras with 100% participation;
• ES-M-673_R11 Petrobras with 80% participation and Enauta with 20% participation; and
• ES-M-743_R11 Petrobras with 100% participation;

According to the Brazilian state-owned company, the concessions are strategically positioned in relation to the post-salt discoveries in areas known as Parque dos Deuses, Parque dos Doces, and Parque dos Cachorros, in the Espírito Santo Basin, with potential to prove significant volumes and establish a position in a new exploratory frontier for both pre-salt and post-salt.