Petrobras clears onshore field sale
Brazilian state oil company Petrobras announced on February 22 it had approved the sale of four concessions for producing onshore fields in the Espirito Santo state to private equity group Seacrest for up to $544mn.
The concessions, which together comprise the North Capixaba cluster, produced 6,500 barrels/day of oil and 52,200 m3/d of natural gas in 2021. Petrobras is divesting its entire 100% holding in the fields.
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The deal will need approval by Brazilian regulators.
Petrobras is undertaking a sweeping divestment programme, to raise funds to settle its debts and invest more in deepwater oil production and liberalise Brazil's energy sector. Private equity funds have expanded their exposure to oil and gas markets in recent years, with this trend most noticeable in the North Sea, where they have been acquiring assets from established players that want to scale back in the region.