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    Petrobras offering up Gulf of Mexico acreage

Summary

The Brazilian company holds a minority interest in more than a dozen US offshore fields.

by: Daniel Graeber

Posted in:

Complimentary, Natural Gas & LNG News, Americas, Corporate, Financials, News By Country, Brazil

Petrobras offering up Gulf of Mexico acreage

Brazilian energy company Petrobras said October 4 it had started the preliminary phase of unloading its minority stake in 15 fields in the Gulf of Mexico.

The Americas subsidiary of Petrobras holds a 20% stake in 15 fields in US territorial waters alongside a regional division of Murphy Oil, which holds the remaining 80% interest. The production share for the Brazilian company during the first half of the year was 11,300 barrels of oil equivalent (boe)/day.

“This transaction is in line with the company's strategy of portfolio optimisation, debt reduction, and capital allocation improvement, as it increasingly concentrates its resources in world-class assets in deep and ultradeep waters in Brazil, where Petrobras has shown a great competitive edge over the years,” the company said.

Elsewhere, the Brazilian company said that a regional division of Chinese energy company CNODC was not going forward with an option to buy another 5% stake in the Buzios field in the offshore Santos Basin.

Buzios was discovered in 2010 and started production in early 2018. Its fourth floating production storage and offloading unit starting flowing oil and gas last year.