Petrobras Sells Three Shallow Water Fields

Image Credit: Ouro Preto

Brazil’s Petrobras has said it has signed an agreement to sell its entire stake in three offshore oil fields in Potiguar Basin to Ouro Preto for $1.5 million.

The fields in question are the Pescada, Arabaiana, and Dentão fields located in shallow waters of the Potiguar Basin (Pescada Cluster), in the state of Rio Grande do Norte.

Petrobras is the operator of the three fields with 65% interest and OP Pescada Óleo e Gás Ltda, a subsidiary of Ouro Preto, holds the remaining 35% in the consortium.

The facilities include five platforms connected to a central platform that transfers the gas to the onshore Guamaré Complex, which belongs to Petrobras. The field gas and condensate are sold to Petrobras through long-term contracts.

The average production of the Pescada Cluster from January to June 2020 was approximately 260 barrels of oil per day (bpd) and 190 thousand m3/day of gas.

The closing of the transaction is subject to the fulfillment of previous conditions, such as the approval by the Administrative Council of Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

“This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years,” Petrobras said.

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