Offshore staff
RIO DE JANEIRO – Petrobras has initiated the binding phase for the sale of part of its interest in two blocks in the deepwater BM-P-2 concession in the Pelotas basin offshore Rio Grande do Sul.
The company operates the concession in partnership with Total, each holding a 50% stake. The planned sale will be a joint divestment of between 30% and 65%, with Petrobras remaining as operator.
Potential buyers qualified for this phase will receive guidelines on the divestment process, including due diligence and submission of binding proposals.
BM-P-2 is in water depths of 1,000-2,000 m (3,281-6,562 ft). Petrobras was awarded outright ownership in 2004 under Brazil’s 6th Bidding Round, with Total acquiring a 50% share in 2013.
The concession is said to be strategically positioned relative to the 17th Bidding Round scheduled by the ANP for later this year, which will include blocks from the Pelotas basin.
According to Petrobras, it offers the potential to prove significant volumes and to establish a position in a new exploratory frontier province.
03/18/2020
