Petrobras Launches Binding Phase for Sale of Tartaruga Field Stake

Brazilian state-owned oil and gas major Petróleo Brasileiro S.A. has started the binding phase for the transfer of its minority interest in the exploration, development, and production of oil and natural gas in the Tartaruga field.

The field is located in the municipality of Pirambu-SE, in shallow waters of the Sergipe-Alagoas Basin. Petrobras owns a 25 percent interest in the asset, which is operated by SPE TIETA (a company controlled by Petrorecôncavo) with a 75 percent interest.

Petrobras said in a press release that qualified potential buyers will be notified via an invitation letter including instructions regarding the ongoing process. The letter will also include instructions for conducting due diligence and submitting binding proposals.

The concession was secured during the National Agency of Petroleum, Natural Gas, and Biofuels Zero Round of Block Bidding, according to Petrobras.

Petrobras said that the possible transfer of its stake in the field would not affect the company's other activities in the region. As set out in its 2025-2029 Business Plan, Petrobras will maintain important investments in the state of Sergipe, with the contracting of two FPSOs for the Sergipe Deepwater area with a production capacity of up to 120,000 barrels per day each and the construction of a gas pipeline with a capacity of 18 million cubic meters per day, Petrobras said.

Petrobras said it had no employees dedicated to the Tartaruga field. Consequently, the transfer of Petrobras' interest in the Tartaruga field would not affect its internal or contracted workforce, it said.

Tartaruga wells were drilled directionally from a land-based facility located within the field, Petrobras said. 

Based on the average for 2024, Petrobras' share of production from the Tartaruga Field was roughly 41 barrels of oil per day and 689 cubic meters per day of associated gas. 

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