Petróleo Brasileiro SA (Petrobras) entered the non-binding phase regarding sale of the entire stake of Gulf of Mexico properties held by its subsidiary Petrobras America Inc. (PAI) (OGJ Online, Oct. 5, 2021).
PAI holds 20% of the MP Gulf of Mexico LLC (MPGoM) joint venture, with Murphy Exploration & Production Co. holding the remaining 80% (OGJ Online, Oct. 11, 2018). MPGoM owns all the Gulf of Mexico (GoM) oil and natural gas assets of both companies in production and is operator or non-operator in 14 offshore GoM fields. Petrobras' share of the fields' production in 2021 was 10,400 boe/d.
Potential buyers qualified for this phase will receive a process letter containing detailed information about MPGoM in addition to instructions on the divestment process, including guidelines for preparation and submission of non-binding proposals.