Stakes in Maromba Heavy Oil Field Off Brazil on Offer

Source Press
Company Petrobras (IFRS US$ Current)Chevron Corporation 
Tags Deal Rumours, Deals, Refining & Marketing Activities, Upstream Activities
Date July 12, 2017

(upstreamonline.com) PETROBRAS has launched a formal sales process offering its 70% interest in the Maromba heavy oil field, writes Fabio Palmigiani.

US major Chevron has a 30% stake and is also looking to sell its working interest.

The sale is part of the Brazilian state-controlled giant's ambitious strategy to raise up to $21 billion by the end of 2018.

The sales process was unveiled through a teaser announcement to the market that is part of the company’s new policy to give more transparency and competitiveness to its sale processes, following guidelines suggested earlier this year by Brazil’s federal audit tribunal TCU.

Located in the southern portion of the Campos basin, Maromba was declared commercial in December 2006.

“The potential transaction represents an opportunity to develop and monetise a heavy oil discovery in shallow waters,” said Petrobras.

The operator said the Maastrichtian reservoir at Maromba is economically attractive and fully appraised by nine wells, with first oil feasible for 2019 based on using a floating production, storage and offloading vessel.

Four identified prospects  — Lobo, Castor, Dingo and Chinchila — with multiple targets in Eocene, Maastrichtian, Albian and Aptian horizons are located across the concession, with sizeable exploration upside. Invited companies will have until 21 July to express interest to participate in the process, and until 7 August to sign a non-disclosure agreement.

Separately, Petrobras is looking to sell its fuel distribution business in Paraguay, including 197 service stations, representing a market share of 18%, and 113 convenience stores. 

It is also aiming to sell its entire equity stakes in its gas and logistics businesses in Paraguay. 

Petrobras has already gone public with plans for the sale of the Azulao and Jurua natural gas fields, which are at a more advanced stage, with bids due to be submitted soon.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd