Petrobras asset sales: What's still available?

Brazil's state-run oil firm Petrobras has raised less than 15% of the US$15.1bn it planned to receive from asset sales in 2015 and 2016. With less than six months left in the company's divestment schedule, BNamericas provides a snapshot of what is still available.

BR DISTRIBUIDORA

Last month Petrobras CEO Pedro Parente said the company had received offers for a 25% stake in BR Distribuidora, without revealing details of the bidders involved. BR Distribuidora is Brazil's largest fuel retailer with a network of more than 7,000 service stations.

LIQUIGÁS

Dutch trading group SHV is reportedly among seven companies interested in acquiring 100% of Liquigás, which has a 23% share of Brazil's liquefied petroleum gas (LPG) distribution market.

Its portfolio includes 23 operating centers, 13 depots, a storage and loading facility, four bottling units and a distribution network of around 4,000 resellers.

Other companies said to be interested in the acquisition are Grupo Ultra, Consigaz, Gávea Investimentos, Aygaz and a consortium comprising Nacional Gas and Copagaz.

LNG TERMINALS, POWER PLANTS

In June Petrobras launched a competitive bidding process for the sale of two LNG terminals in Ceará and Rio de Janeiro states.

The Pecém and Guanabara Bay terminals, as they are known, have combined regasification capacity of 27Mm3/d. Petrobras said associated thermoelectric power plants would also be included in the sale.

PIPELINES

In May Petrobras began exclusive talks with Brookfield Asset Management to sell natural gas pipeline unit Nova Transportadora do Sudeste (NTS). The Canadian group has reportedly offered 18bn reais (US$5.2bn) for NTS, trumping bids from Spain's Gas Natural Fenosa, France's Engie and Japan's Mitsui.

Brookfield is said to be seeking control of the unit's 2,500km pipeline network in Brazil's southeast without assuming debt liabilities.

ONSHORE BLOCKS

Petrobras announced in March that it was offloading 98 production concessions and six exploratory blocks in the states of Ceará, Rio Grande do Norte, Sergipe, Bahia and Espírito Santo. Combined oil output from the assets is around 35,000b/d.

SHALLOW WATER BLOCKS

Last week Petrobras said it was seeking bids for nine shallow water licenses in the states of Ceará and Sergipe with combined output of around 13,000boe/d.

The areas on offer are Caioba, Camorim, Dourado, Guaricema, Tatuí, Curimã, Espada, Atum and Xaréu.

Read about where Petrobras is headed under new CEO Pedro Parente in this exclusive BNamericas report.