Petroleo Brazileiro SA (Petrobras) said it is proceeding with the sale of four onshore exploration and production concessions, jointly called Tucano Sul Cluster, in Bahia state. The sale initially was announced in July.
During the binding phase, qualified parties will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and submission of binding proposals.
The Tucano Sul Cluster covers four onshore concessions: Fazenda Matinha, Conceicao, Querera, and Fazenda Santa Rosa fields in the Tucano basin between the Jatoba and Reconcavo basins.
Petrobras operates these fields with 100% interest. The cluster averaged 29,200 cu m/day of gas in 2018.
Since May 2016, Petrobras has pursued asset sales in efforts to reduce its debt.