ANP Calls on Petrobras to Hand Over Inactive Fields

Brazil's federal energy company Petrobras (NYSE: PBR) should hand over inactive mature oil fields to smaller companies that want to invest in the sector, according to Haroldo Lima, head of the country's hydrocarbons regulator ANP.

Lima made the appeal during a meeting between ANP officials and investors to discuss the second licensing round for marginal inactive fields scheduled for May 31.

Petrobras has 153 inactive onshore fields with total reserves of 500 million barrels of oil equivalent, the official said. Production from these fields is considered too small for the state company, which has proven reserves of 13 billion barrels of oil equivalent and produces 1.8 million barrels of oil a day.

ANP will offer 21 mature inactive fields during the tender, which aims to attract SMEs. In the first round, 16 of the 17 fields offered were awarded.

The fields on offer are part of 62 mature fields that Petrobras handed back to ANP in 1998 following the regulator's creation, when the oil sector was opened up to foreign investors.

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