Petrobras Sells More Shallow-water Brazil Fields

Petrobras has signed two contracts for the sale of shallow-water assets in the Campos and Santos basins, for a total of around $ 1.5 billion.

One concerns transfer of the company’s 100percent operated interest in the Pampo and Enchova clusters offshore Rio de Janeiro in the Campos basin to Trident Energy for $851 million.

This will be paid in two instalments with an additional payment of contingent amounts of up to $200 million to potentially follow, depending on future oil prices.

The Pampo/Enchova Hubs encompass the Enchova, Enchova Oeste, Marimbá, Piraúna, Bicudo, Bonito, Pampo, Trilha, Linguado and Badejo fields.

Total oil and gas production is around 25,500 boe/d through the PPM-1, PCE-1, P-8 and P-65 platforms. With this transaction, Trident will be the operator of these concessions with 100percent stake.

The other sale is a 100percent operated interest in the Baúna field in the BM-S-40 concession in the Santos basin to Karoon Petróleo & Gás, a subsidiary of Karoon Energy, for $665 million – again payable in two instalments.

The Baúna field, in shallow water offshore São Paulo State, started production in February 2013 and currently generates around 20,000 b/d of oil through the FPSO Cidade de Itajaí.

According to Karoon Energy, the field consists of two producing oil reservoirs, Baúna and Piracaba, and there is an undeveloped discovery called Patola discovery.

Karoon sees operational and logistical synergies for potential development of its existing southern Santos basin fields, Neon and Goiá.

Both transactions are subject to approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Source: Offshore

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