Petrobras initiates partial sale of Para-Maranhao basin concessions

Petróleo Brasileiro SA (Petrobras) initiated a part equity-interest sale for exploratory blocks BM-PAMA-3 and BM-PAMA-8 in Pará-Maranhão basin offshore Brazil. The divestment will be up to 50% in the BM-PAMA-3 concession and up to 40% in the BM-PAMA-8 concession.

Awarded in the third production-sharing round by the Brazil’s National Petroleum, Natural Gas, and Biofuels Agency (ANP), BM-PAMA-3 is currently under appraisal following the 1-BRSA-903-PAS (Harpia) discovery. Remaining on the commitment is the drilling of an additional well and a formation test contingent on the well result.

BM-PAMA-8, which comprises the PAMA-M-192 and PAMA-M-194 blocks, was acquired in the sixth ANP Bid Round and is in the second exploratory period with one exploratory well in PAMA-192 field.

Eligible bidders must qualify as Operator “A” or Non operator by the ANP or, if not qualified, may participate in the process under the strict terms of the model, to be provided by Petrobras, if it declares itself to be aware of the agency qualification process and can meet ANP requirements for classification as Operator A or Non Operator according to ANP’s auction notice of the October 2019 16th Bid Round Tender. The minimum net equity $10,366,000 is required to be qualified as non-operator. Prospective purchasers will be allowed to form a consortium, association, or jointly present an offer.

Eligible participants must contact Petrobras by Feb. 16 for documents.

Petrobras is operator blocks with 100% interest in the BM-PAMA-3 concession and 80% interest in the BM-PAMA-8 concession. Partner is Sinopec Exploration and Production Brazil with 20%. Sinopec holds a pre-emptive right to acquire Petrobras’ stake in BM-PAMA-8.