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Petrobras talks about details involving the sale of its stake in the Santos Basin pre-salt area

Written by Valdemar Medeiros
Published 12/08/2020 às 16:02
Petrobras - Pre-salt - Campos Basin
offshore exploration block BM-S-51

Petrobras has put up for sale the BM-S-51 exploratory block in the Santos Basin, off the Brazilian coast, a move that will give buyers access to potential pre-salt oil and natural gas deposits

'This exploration block is strategically positioned in relation to other discoveries in the Santos Basin and exploration areas in the production sharing polygon,' Petrobras said in a statement. The company holds an 80% operating 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 uncertainty over the volume of funds the company will raise during the current market turmoil and the ongoing coronavirus pandemic, which has nearly stalled the global oil industry's mergers and acquisitions. . Petrobras wants to raise $20 billion to $30 billion by the end of 2024. Including the sale of eight of the 13 company-operated refineries when the company ends its monopoly.

As such, the sale also represents only the second potential sale of an offshore asset with pre-salt potential in the Santos Basin, where most of the multi-billion dollar pre-salt discoveries were made in the late 2000s and early 2010s. 2,5. Petrobras previously sold the Bacalhau Field to Norway's Equinor for $XNUMX billion.

Furthermore, Petrobras said at the time that it parted ways with the huge deposit estimated at 700 million to 1,3 billion barrels of recoverable oil because of high pressures that would be more difficult to overcome than other pre-salt deposits. This ends up including the reinjection of gas.

Block BM-S-51 is in the first phase of exploration, with a firm commitment to drill a single remaining exploratory well, Petrobras said.

Finally, potential bidders must qualify as A operators by the National Petroleum Agency, or ANP. The operator designation allows exploration and production activity 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 that must be submitted by potential bidders by the September 4 deadline, Petrobras said.

Valdemar Medeiros

Journalist in training, specialist in creating content with a focus on SEO actions. Writes about the Automotive Industry, Renewable Energy and Science and Technology

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