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Petrobras Has Put the Exploration Block BM-S-51 Up for Sale in the Santos Basin, Off the Brazilian Coast, a Move That Will Give Buyers Access to Potential Oil and Natural Gas Deposits in the Pre-Salt
‘This exploration block is strategically positioned in relation to other discoveries in the Santos Basin and exploration areas in the production sharing polygon,” said Petrobras in a statement. The company holds an 80% operational stake, with the Spanish-Chinese joint venture Repsol Sinopec Brasil.
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Petrobras Plans to Sell 50% to 100% of Its Stake in the Pre-Salt Area
The sale expands Petrobras’ ongoing divestment program amid uncertainties over the amount of funds the company will raise during the current market turmoil and the ongoing coronavirus pandemic, which has nearly stalled merger and acquisition activity in the global oil industry. Petrobras aims to raise US $ 20 billion to US $ 30 billion by the end of 2024, including the sale of eight of the 13 refineries operated by the company when it ends its monopoly.
Thus, the sale also represents only the second potential sale of an offshore asset with pre-salt potential in the Santos Basin, where the majority of the multi-billion dollar pre-salt discoveries were made in the late 2000s and early 2010s. Petrobras previously sold the Bacalhau Field to Norway’s Equinor for US $ 2.5 billion.
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Furthermore, Petrobras stated at the time that it had separated from the enormous deposit estimated at 700 million to 1.3 billion recoverable barrels of oil due to high pressures that would be more difficult to overcome than other pre-salt deposits. This includes gas reinjection.
The BM-S-51 Block Is in the First Phase of Exploration, with a Firm Commitment to Drill One Remaining Exploratory Well, Petrobras Said
Finally, potential bidders must be qualified as Class A operators by the National Oil Agency, or ANP. The operator designation allows for exploration and production activities in deep and ultra-deep waters.
Investors Have Until August 24 to Express Interest and Obtain Documents from Petrobras. With Confidentiality Agreements and Other Documents to Be Submitted by Potential Bidders by the Deadline of September 4, Petrobras Said.
