ANP Wants Petrobras to Hand Over 100 Mature Fields

Brazil's hydrocarbons regulator ANP wants federal energy company Petrobras (NYSE: PBR) to relinquish production rights to some 100 inactive mature fields for future tenders, local press quoted ANP director Haroldo Lima as saying.

Petrobras, which has production rights to some 150 fields, says its wants to keep the fields and eventually revamp them with new technology to take advantage of higher oil prices.

ANP claims the fields are too small for the company, which has interests in large offshore and onshore fields. Petrobras output averages 1.8Mb/d.

The two have been in talks over mature fields for two years without reaching an agreement. Talks hinge on the compensation Petrobras will receive for handing over the fields, local press reported.

Brazil has been implementing a policy to offer mature onshore fields to small companies since 2005. The plan is designed to give such companies an incentive to invest in the oil and gas industry.

ANP has so far held two tenders to offer mature blocks, attracting dozens of local companies. ANP has roughly 20 mature fields in its portfolio, regulator officials have told BNamericas.

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