Petrobras' Santos Basin Field Duo Up For Sale

Petrobras' Santos Basin Field Duo Up For Sale
Petrobras puts up for sale two of its operated fields in the Santos Basin offshore Brazil. (Image courtesy of Petrobras)

Brazilian energy giant Petrobras has put up for sale two of its operated fields located in the Santos Basin offshore Brazil.

Petrobras has started the opportunity disclosure stage for the sale of the totality of its interest in the Uruguá and Tambaú fields, which belong to the BS-500 concession off the state of Rio de Janeiro.

According to the company, the main subsequent stages of the project will be reported to the market in due course.

“This transaction is in line with the company’s strategy of portfolio optimization, debt reduction, and capital allocation improvement, as it increasingly concentrates its resources in world-class assets in deep and ultradeep waters,” Petrobras stated.

The Uruguá and Tambaú fields are part of the BS-500 Concession Contract, acquired in Round Zero from the National Agency for Petroleum, Natural Gas, and Biofuels (ANP).

The fields are located in the northern portion of the Santos Basin, between 87 and 100 miles off the coast of the state of Rio de Janeiro, in water depths ranging from 3,300 to 5,000 feet. The fields’ production, in 2020, was approximately 5 thousand bpd of oil and 32.4 million cubic feet of gas per day. Petrobras holds a 100 percent stake in both fields.

The potential acquisition of the fields includes the Uruguá-Mexilhão Gas Pipeline, which is about 174km long and connects the Uruguá field and Mexilhão platform.

Another part of the field is the FPSO Cidade de Santos MV20 which is deployed at the Uruguá field but also gathers production from the Tambau field.

The natural gas processed in the FPSO is delivered through Uruguá-Mexilhão Gas Pipeline. The vessel is capable of processing 350 million cubic feet per day of gas, 35,000 barrels of oil per day, and has a storage capacity of approximately 700,000 barrels.

When it was delivered it was the first FPSO that processed more gas than oil. It was put into production in July 2010 and under the original contract, it is under a 12-year lease with three one-year options.

To contact the author, email bojan.lepic@rigzone.com


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