Petrobras starts sale of Espírito Santo blocks

Brazil’s state oil firm Petrobras started the process of selling its stakes in five offshore blocks in the Espírito Santo basin.   

According to the company, the areas are strategically located near other plays in the basin and have potential both for pre-salt and post-salt discoveries.   

Blocks ES-M-596, ES-M-598, ES-M-671, ES-M-673 and ES-M-743 were acquired during Brazil’s 11th bidding round in 2013 and are still in their first exploration phase. Petrobras currently holds a 40% non-operating stake in four of the blocks and a 50% operating share in ES‐M‐596. 

However, partners Equinor and Total are currently transferring their stakes in the blocks to Petrobras, which will leave the Brazilian NOC with 100% operating shares in three of the areas and 80% of the other two, with Enauta as a partner.   

Potential bidders must express interest by June 10. The sale is part of Petrobras’ US$20-30bn divestment program for 2020-24, aimed at offloading non-core assets to focus on deepwater E&P.

Earlier this week, the firm also advanced the process of divesting its stake in the Manati gas field, in the Camamu basin.