Petrobras cancels sale of deepwater assets in

May 16, 2022

File photo: Petrobras

Brazilian oil company Petrobras has decided not to sell its deepwater assets in the Sergipe-Alagoas Basin off Brazil, initially put up for sale in 2018.

The company said Saturday it had ddecided to conclude the competitive process, which was in the binding phase, for the partial sale of four concessions located in deep waters in the Sergipe-Alagoas basin (BM-SEAL-4, 4-A, 10 and 11), without transferring the operation.

Currently, the concessions are represented by the Agulhinha, Budião, Budião Noroeste, Budião Sudeste, Cavala and Palombeta fields.

“Petrobras constantly evaluates its portfolio and, given the alignment of the concessions with the company’s strategy and the improvement of Petrobras’ economic and financial indicators, the concessions have been fully retained in the portfolio, marking the start of the development of a new frontier in deep waters of the Sergipe-Alagoas basin,” said Petrobras.

“Petrobras is reinforcing its commitment to broad transparency in its disposal projects and the management of its portfolio and affirming its focus on deep and ultra-deepwater assets, where it has shown a great competitive differential over the years, with high productivity and reduced greenhouse gas emissions,” the company added.

Elsewhere in the Sergipe-Alagoas basin, Petrobras last week began the committing phase of selling its stake in the Tartaruga field, located in the basin’s shallow waters. Learn more here.

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