Petrobras begins teaser stage for Argentina subsidiary sale

Petróleo Brasileiro SA (Petrobras) has started the disclosure stage (teaser), for potential sale of 100% of its stake in Petrobras Operaciones SA (POSA), Petrobras' wholly owned subsidiary in Argentina.

POSA’s only asset is a 33.6% stake in Rio Neuquén tight gas field in the provinces of Rio Neuquén and Rio Negro. Petrobras holds stakes in POSA through its subsidiaries PIB BV (Petrobras Internacional Braspetro BV), with 95%, and PVIE (Petrobras Valores Internacionais de España), with 5%.

Rio Neuquén's production comes mainly from unconventional reservoirs (tight gas) of the Punta Rosada and Lajas formations, the company said in a release Oct. 14.

In July 2022, the Rio Neuquen area was producing, through 149 wells, 4.4 MMcfd of natural gas and 2,100 b/d of oil and LNG.

YPF SA is field operator with 33.3% interest. Pampa Energia holds 33.1%.