Petrobras asked to pause asset sales

March 2, 2023

Brazil’s Ministry of Mines and Energy has requested that Petrobras suspend sales of its assets for 90 days.

Petrobras recently announced it beat its annual record for CCUS, stating it has the largest CO2 injection program in the world, which processed an amount of 10.6 million metric tons of CO2 for 2022.

Offshore staff

RIO DE JANEIRO, Brazil — Brazil’s Ministry of Mines and Energy has requested that Petrobras suspend sales of its assets for 90 days.

This is due to the current reassessment of Brazil’s National Energy Policy and the establishment of a new composition of the National Energy Policy Council (CNPE).

Petrobras said it would analyze the ongoing processes in terms of civil law and within the rules of governance, as well as any commitments already made, their punitive clauses and their consequences.

This would allow the governance bodies to assess any potential legal and economic risks that may arise.

Following this intervention, Petrobras has informed BW Energy that their planned transactions for the Golfinho and Camarupim Clusters in the Campos Basin are now to be reviewed.

Last June BW Energy signed an agreement to acquire 100% in both clusters and a 65% interest in the offshore BM-ES-23 block from Petrobras, and to become operator in all the concessions.

BW Energy also agreed to acquire the FPSO Cidade de Vitoria, producing on the Golfinho Field, from Saipem. Both transactions were expected to close in the current quarter but may now be delayed, BW Energy said.

Separately, in a review of its fourth-quarter performance, Petrobras revealed that last year it injected a record 10.6 million t CO₂ offshore for CCUS purposes. It has now revised its reinjection commitment up to 80 MMt of CO₂ by 2025.

CO₂ reinjection will continue to support reduction of the intensity of emissions on oil and gas production, the company said. It is also seeking to expand its environmental initiatives, including developing new capabilities for offshore wind and hydrogen.

In 2022 Petrobras was accorded top position in high performance and eco-efficient computers in Latin America, with the company’s Pegasus supercomputer said to be the fifth most powerful in the global oil industry.

Processing more data allows sharper imaging of areas mapped for oil and gas exploration and production, and reduced processing times, supporting production optimization, increased recovery of existing reserves and maximized efficiency of exploratory projects, the company added.

03.02.2023