Petrobras Divesting Partial Stake in Espírito Santo Basin



Petrobras Divesting Partial Stake in Espírito Santo Basin
The concessions are strategically positioned in relation to key post-salt discoveries.

Petrobras is selling part of its stake in the exploration blocks belonging to the ES-M-596_R11, ES-M-598_R11, ES-M-671_R11, ES-M concessions -673_R11 and ES-M-743_R11, located in the Espírito Santo Basin. The sale underscores the company’s dual goals of portfolio optimization and better capital allocation, according to a corporate statement.

The concessions ES-M-596_R11, ES-M-598_R11, ES-M-671_R11, ES-M-673_R11 and ES-M-743_R11 were acquired in the 11th ANP Bidding Round in 2013 and are currently in the 1st Exploratory Period. The process of transferring Equinor's interests to Petrobras, with the consequent transfer of the operation, and Total, which is expected to conclude in the second half of 2020, is underway.

The concessions are strategically positioned in relation to the post-salt discoveries in areas known as Parque dos Deuses, Parque dos Doces and Parque dos Cachorros, in the Espírito Santo Basin, with the potential to prove significant volumes and establish a position in a new exploratory frontier both pre-salt as well as post-salt.

The offers will be made by concession, subject to the possible exercise of the right of first refusal by the partners and other necessary approvals, as applicable.

The teaser, which contains key information about the opportunity, as well as the eligibility criteria for the selection of potential participants, is available on the Petrobras website.

To contact the author, email bertie.taylor@rigzone.com.



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