Petrobras advances Marlim cluster sale, signs Rabo Branco deal

Petróleo Brasileiro SA (Petrobras) has started the non-binding phase of the sale of a 50% stake in the Marlim Cluster in the Campos basin offshore Brazil (OGJ Online, Nov. 16, 2020).

The cluster comprises Marlim, Voador, East Marlim, and South Marlim production concessions, where Petrobras is operator of the fields with 100% stake.

Marlim and Voador fields occupy an area of 339.3 sq km in water depth of 400- 1,050 m, some 150 km from Macaé, on the northern coast of Rio de Janeiro. The fields share production infrastructure and,

between January and November 2020, produced an average of 65,300 b/d of oil and 885,000 cu m/d of gas.

Marlim Leste lies east of Marlim, some 107 km from Cabo de São Tomé, in water depths of 780-2,000 m. From January to November 2020, Marlim Leste produced an average of 39,400 b/d of oil and 633,000 cu m/d of gas.

Marlim Sul field lies south of Marlim and Marlim Leste fields, about 90 km from the northern coast of Rio de Janeiro, in water depths of 800-2,500 m. It produced on average, from January to November 2020, about 109,600 b/d of oil and 2.073 million cu m/day of gas.

Potential buyers qualified for the phase will receive instructions on the divestment process, including guidelines for the preparation and submission of non-binding proposals, as well as access to a virtual data room.

Separately, Energizzi Energias do Brasil Ltda agreed to acquire Petrobras’s entire stake in the onshore Rabo Branco field in the Sergipe-Alagoas basin for $1.5 million.

Rabo Branco is part of the BT-SEAL-13 concession south of Carmópolis field. Petrobras has a 50% stake in the field in partnership with operator Produção de Óleo e Gás Ltda. (Petrom). Average production of the field from January to October 2020 was 138 b/d of oil. Closing is subject to conditions, such as the non-exercise of preferential rights by Petrom, as well as approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP).