Petrobras Starts Binding Phase for Colombian Block Sale

Brazilian oil company Petrobras has started the binding phase for the sale of its 44% interest in the gas-containing Tayrona block in the Guajira basin of northern Colombia, it said on September 16.

Bidders that are qualified for the tender will receive instructions on the divestment process, including guidelines on due diligence and the submission of proposals.

Petrobras works at Tayrona with state-owned Colombian partner Ecopetrol, which has a 55.6% interest in the block. The pair have outstanding exploration commitments at the site, including the drilling of one well, which Petrobras says has "the potential to prove significant volumes of gas." 

The national oil company is looking to sell dozens of fields and other assets to clear some of its debts and invest more in deepwater oil projects in Brazil.