Petrobras sells 70% of the Maromba field in the Campos Basin to BW Offshore

The Maromba field is included in the BC-20 block, which was awarded to Petrobras in Round Zero. The process for sale started in 2017.

This Tuesday, September 10, Petrobras completed the sale of its entire 70% stake in the Maromba field, in the Campos Basin, to BW Offshore Production do Brasil Ltda. Earlier this month, the state-owned oil company began selling 11 production fields in the shallow waters of the Campos Basin.

The Maromba field is located in shallow waters, close to the Peregrino and Papa-Terra fields, which are currently in production.

According to Petrobras, the operation was completed with the payment of the first installment of 20 million dollars from the company to the state-owned company and after compliance with all the conditions precedent and adjustments provided for in the contract.

The remainder of the transaction amount, of US$70 million, Petrobras informed that it will be paid in two installments:

USD 20 million within 15 working days after the beginning of well drilling activities for field development; and US$50 million within three months after the first oil or three years after the start of drilling activities for the development of the field, whichever occurs first.

Petrobras stated in a note that this operation is in line with the optimization of the portfolio and the improvement of the company's capital allocation. The objective, according to the company, is to generate value for shareholders.

According to Petrobras, the Maromba field comes from the BC-20 block granted to Petrobras in Round Zero. The process for sale started in 2017.

The field's declaration of commerciality took place in 2006, as it carries heavy oil (16o API), but which has not yet been developed, according to Petrobras.

BW becomes the operator of the field after the acquisition of Petrobras (operator with 70%) and Chevron (30%) stakes.

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