Petrobras on Divestment in the Espirito Santo Basin

Source: www.gulfoilandgas.com 6/10/2020, Location: South America

Petrobras, in reference to the press released on 06/01/2020, regarding the sale of a part of its interest in the exploratory blocks belonging to the ES-M-596_R11, ES-M-598_R11, ES-M-671_R11, ES-M-673_R11 and ES-M-743_R11 concessions, located in the Espírito Santo Basin, hereby discloses to the interested parties that the deadline for companies to express their interest in the opportunity is being extended to 06/18/2020, the other provisions of the document remaining unchanged.

There is no need to send a new expression of interest if the participating company has already submitted its expression. The main subsequent stages of the project will be reported to the market in due course.

This disclosure complies with the Petrobras' divestment guidelines and with the provisions of the special procedure for assignment of rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at maximizing value for its shareholders.

About the concessions
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 ANP's 11th Bidding Round in 2013 and are currently in the 1st Exploration Period.

Concession Consortion
ES-M-596_R11 Petrobras (50%) – operator; Equinor (50%)
ES-M-598_R11 Petrobras (40%); Equinor (40%) – operator; Enauta (20%)
ES-M-671_R11 Petrobras (40%); Equinor (35%) – operator; Total (25%)
ES-M-673_R11 Petrobras (40%); Equinor (40%) – operator; Enauta (20%)
ES-M-743_R11 Petrobras (40%); Equinor (35%) – operator; Total (25%)

The assignment to Petrobras of the equity interests of Equinor (with the consequent transfer of the operation) and Total was dealt with under the administrative proceedings of the Administrative Council for Economic Defense (CADE), which approved the transaction for each of the five concessions, in a final decision. The process is still pending before the National Agency of Petroleum, Natural Gas and Biofuels (ANP), which is expected to be concluded in the second half of 2020.

The next table contains a summary of the concessions with Petrobras' expected participation after the conclusion of the processes before the above-mentioned regulatory agencies and the total percentage of divestment.

ES-M-596_R11 100 up to 50
ES-M-598_R11 80 up to 40
ES-M-671_R11 100 up to 50
ES-M-673_R11 80 up to 40
ES-M-743_R11 100 up to 50

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 new exploratory frontier for both pre-salt and post-salt. Offers will be made by concession, subject to the possible for the exercise of the preemptive right by the partners and other necessary approvals, as applicable.


Tanzania >>  6/29/2022 - Wentworth, the independent, Tanzania-focused natural gas production company, is pleased to provide an update on its agreement with Scirocco Energy plc...
Tanzania >>  6/29/2022 - Scirocco Energy, the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is please...

Brazil >>  6/27/2022 - Petrobras, following the announcements released on 02/08/2021, 08/25/2021 and 10/01/2021, informs that it restarted the sale processes of the Abreu e ...
South Africa >>  6/27/2022 - In accordance with a farmout agreement (the "Agreement"), Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with a focus on the offsh...

United States >>  6/27/2022 - Sitio Royalties Corp. (STR) ("Sitio") announced that it has completed the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin f...
Brazil >>  6/24/2022 - Petrobras, following up on the release disclosed on 06/23/2022, informs that it signed with BW Energy Maromba do Brasil Ltda (BWE), the contracts for ...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.