Petroleo Brasileiro SA (Petrobras) has started the binding phase of its earlier announced proposal to sell 50-100% of its stake in and transfer operatorship of the BL-S-51 concession in the Santos basin. The asset, 215 km off the coast of Sao Paulo, lies in water depths of 350-1,650 m.
At this stage of the project, process letters are issued to potential buyers qualified in the previous phase with guidelines for due diligence and the submission of binding proposals, Petrobras said Sept. 8.
The BM-S-51 concession was acquired in 2005 and is in the first exploratory period with a remaining minimal commitment to drill one well.
Petrobras is operator with 80% interest. Partner Repsol Sinopec Brasil holds the remaining 20%.