Petrobras seeks to sell $2.1 billion in assets

Offshore staff

RIO DE JANEIRO – Petróleo Brasileiro S.A. (Petrobras: NYSE:PBR) plans to sell assets with a total value of $2.1 billion. Some of those assets are offshore Brazil and others are in the Gulf of Mexico.

Off Brazil, Sinochem Group will give $1.54 billion for Petrobras’ 35% interest in BC-10, known as Parque das Conchas. Shell, operator with a 50%, and ONGC, with 15%, have preemptive right, which may be exercised within a time limit. The sale also requires approval by governmental groups in both Brazil and China.

For $185 million, Petrobras would sell its stakes in GoM blocks MC613 (Coulomb), GB 244 (Cottonwood), and EW 910.

Petrobras has a 33% stake in Coulomb. The remaining 67% is held by Shell, which is the operator. This field is in the Mississippi Canyon block 613 130 km (81 mi) offshore Louisiana.

Petrobras has a 100% stake in Cottonwood field in Garden Banks block 244, 220 km (137 mi) offshore Texas.

Petrobras has a 60% stake in the EW910 asset, with the remaining 40% held by W&T Offshore, which is the operator.

The GoM transactions are subject to third party preemptive rights and approval by the Bureau of Ocean Energy Management.

8/21/2013

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...