Petrobras Eyes Minority Stake Sale in Shallow Water Field Off Brazil
November 28, 2024
Brazilian oil and gas firm Petrobras has started the teaser stage for the transfer of its 25% minority stake in the Tartaruga field, located in the town of Pirambu-SE, in shallow waters of the Sergipe-Alagoas Basin, operated by SPE Tiêta (Petrorecôncavo).
Petrobras' share of production from the Tartaruga field, considering the average for the first nine months of 2024, was approximately 41 bpd of oil and 723 m3/day of associated gas.
The total production of the field is less than 1% of the total production of the state of Sergipe. The decision to divest takes into account the fact that it is a non-operated asset with no synergies with the company's portfolio.
The possible transfer of Petrobras' stake in the field will not affect the company's other activities in the region.
As set out in the 2025-2029 Business Plan, Petrobras will maintain important investments in the state of Sergipe, with the contracting of two FPSOs for the Sergipe Deepwater area (SEAP) with a production capacity of up to 120,000 barrels per day each and the construction of a gas pipeline with a capacity of 18 million m3/day.
As this is a field not operated by Petrobras, there are no company employees working exclusively on the asset. Therefore, the transfer of Petrobras' stake in the Tartaruga field will have no impact on its own or outsourced workforce.
The main subsequent stages of the project will be informed to the market in due course.
