Petrobras Launches Sale Process for Offshore Ceará Cluster
Brazilian national oil company Petroleo Brasileiro SA (Petrobras) has commenced a sale process for divesting its 100% stake in 4 shallow-water fields located off the coast of Ceará state.
The Atum, Curima, Espada, and Xareu fields, jointly referred to as the “Ceará Cluster”, are located approximately 30 km off the coast in water depths ranging between 30 and 50 m. Petrobras has been operating these fields since the 1980s. During 2019, production from the Ceará Cluster averaged approximately 4,698 barrels of oil equivalent per day (boe/d), of which 89% was oil.
“This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years,” the company stated in a press release to announce the launch of the marketing process.
Bids are due by July 10th, 2020. The opportunity teaser, which includes key information about the assets as well as the eligibility criteria for the selection of potential participants in the sale process, is available on the Petrobras website.
Bank of America is acting as exclusive financial advisor to Petrobras for the sale.