A&D Opportunities

Petrobras Initiates Sale Process for the Deepwater Marlim Cluster

By Mahati K L
November 17, 2020
2 minutes read
Marlim Cluster in Campos Basin

Brazilian national oil company Petroleo Brasileiro SA (Petrobras) has commenced a sale process for divesting a 50% non-operated interest in four offshore production concessions located in the Campos basin. The fields are jointly known as the Marlim Cluster.

The Marlim Cluster comprises the Marlim, Voador, Marlim Leste, and Marlim Sul concessions. Petrobras currently holds a 100% stake in the fields, and will retain its operatorship upon completion of the sale process.

The Marlim and Voador fields cover an area of 339.3 sq. km in water depths ranging from 400 to 1,050 m, located on the northern coast of the state of Rio de Janeiro. The fields produced an average of approximately 74,400 barrels of oil equivalent per day (boe/d) between January and October 2020, of which 93% was oil.

The Marlim Leste field is located east of the Marlim field, about 107 km from Cabo de São Tomé in water depths ranging from 780 to 2,000 m. Between January and October 2020, production from Marlim Leste averaged approximately 42,100 boe/d, 91% of which was oil.

The Marlim Sul field is located south of the Marlim and Marlim Leste fields, at a distance of around 90 km from the northern coast of Rio de Janeiro, with water depth varying from 800 to 2,500 m. Average daily production from the field was approximately 121,700 boe/d, of which 90% is oil.

Petrobras has announced several asset sales since it initiated a privatization plan in 2015, following several corruption scandals that involved allegations against several company officials for paying bribes and accepting kickbacks in exchange for awarding contracts. The company has also been adversely affected by depressed domestic demand in Brazil due to the Covid-19 pandemic.

Scotiabank Brasil is acting as exclusive financial advisor to Petrobras for the sale.

Bids are due by December 11th, 2020. The teaser, which includes key information about the opportunity, as well as the eligibility criteria for the selection of potential participants, is available on the Petrobras website.

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