Petrobras Continues Divestment Plan and Secures Approval from Cade for Sale of Oil Fields to BW Energy

Cade Has Just Approved Another Round of Petrobras Concessions to the Private Sector, This Time the Complete or Partial Participation of Oil Fields Throughout Brazil, Which Will Be Managed by BW Energy.

Recently, the General Superintendence of the Administrative Council for Economic Defense (SG/Cade) approved the sale of assets from Petrobras in the oil fields of Golfinho, Canapu, Camarupim, and Camarupim Norte to BW Energy. This is another round of divestments by the state-owned company in its assets in the national oil and gas sector and is part of the company’s concession plan for the year 2022. 

BW Energy Receives Cade Approval to Acquire Petrobras’ Stake in National Oil Fields 

Petrobras continues its policy of granting its assets to the private sector and has obtained Cade’s approval for another round of selling stakes in national oil fields.

This time to BW Energy, which seeks to invest in the Brazilian oil and gas sector. The superintendency of the agency then approved the concession of the entirety of participation in the fields of Golfinho and Canapu, 65% participation in block BM-ES-23, and 100% participation in the fields of Camarupim and Camarupim Norte (Camarupim Cluster).

All the oil fields to be granted to Petrobras in the transaction with BW Energy are located in the Espírito Santo Basin, located in the state of Espírito Santo, with Petrobras as the main concessionaire.

The company has been operating in the fields for over a decade, as exploration in the Golfinho Field began in 2006, while in Canapu it started around 2010. 

Finally, the Camarupim cluster, including both oil fields, started operations in 2009. Additionally, the FPSO (floating storage and offloading unit) “Cidade Vitória,” from Saipem, is also included in the operation and is currently contracted to Petrobras for operation in the fields of Golfinho and Canapu.

These assets comprise a significant portion of the state-owned company’s oil and natural gas productivity in the national territory and, with Cade’s approval, will be essential for BW Energy’s growth in the national fuel market. 

Sale Process of State-Owned Oil Fields to BW Energy May Be Finalized Soon, Provided No Issues Arise with Cade

The approval from the General Superintendence of the Administrative Council for Economic Defense (SG/Cade) for the sale of the oil fields of Golfinho, Canapu, Camarupim, and Camarupim Norte to BW Energy secures a significant part of the transaction process for Petrobras.

However, there is still the review period for the process, and if the Cade Court does not decide to call the concentration acts for analysis or if there is no appeal from interested third parties, the transaction could be finalized in 15 days. 

BW Energy is part of the BW Group subsidiaries and is ultimately controlled by BW Energy Limited, a company based in Oslo, Norway, focused on oil and natural gas exploration in the national territory. Currently, the company has its main operational portfolio in the Maromba Field, located in the Campos Basin (RJ), in which it holds 100% participation.

With Cade’s approval for the purchase of Petrobras’ oil and natural gas fields in the Espírito Santo Basin region, the company will be able to invest in new exploratory campaigns and expand fuel production in the Brazilian market, taking advantage of the sector’s growth.