Petrobras Sells 70% of Maromba Field in Campos Basin to BW Offshore

Written by Paulo Nogueira

Published on 12/09/2019 at 07:55

Updated on 11/09/2019 at 23:06

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The Maromba Field Is Included in the BC-20 Block, Which Was Granted to Petrobras in Round Zero. The Process for Sale Started in 2017.

This Tuesday, September 10, Petrobras finalized 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 oil company started the sale of 11 production fields in shallow waters of the Campos Basin.

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

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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 fulfilling all preconditions and adjustments stipulated in the contract.

The remaining value of the transaction, amounting to 70 million dollars, Petrobras reported will be paid in two installments as follows:

20 million dollars within up to 15 business days after the commencement of drilling activities for the development of the field; and 50 million dollars within up to three months after the first oil or three years after the commencement of drilling activities for the development of the field, whichever occurs first.

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

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

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

BW becomes the operator of the field following the acquisition of Petrobras’s (70% operator) and Chevron’s (30%) stakes.

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Petrobras Sells 70% of Maromba Field in Campos Basin to BW Offshore

The Maromba Field Is Included in the BC-20 Block, Which Was Granted to Petrobras in Round Zero. The Process for Sale Started in 2017.

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