Petrobras to divest Cherne, Bagre field interests

April 18, 2024
A Perenco SA subsidiary has agreed to acquire Cherne and Bagre field interests from Petrobras for $10 million.

Perenco SA subsidiary Perenco Petróleo e Gás do Brasil Ltda has agreed to acquire Cherne and Bagre field interests from Petróleo Brasileiro SA (Petrobras) for $10 million.

Petrobras’ executive board approved the sale of the shallow water Campos basin fields at a meeting held Apr. 17, the company said in a release.

Production from the two fields, which lie 73 km off the coast of Rio de Janeiro, Brazil, in water depths of 108-150 m, was interrupted in March 2020 and the respective platforms have been mothballed ever since. Prior to March 2020, the fields produced through the PCH-1 and PCH-2 platforms, which are currently mothballed.

The transfer of these fields to Perenco offers the prospect of production being resumed by the new operator, making it a more advantageous alternative for Petrobras compared to the option of decommissioning the facilities and relinquishment of the concessions to the ANP [Brazil’s National Agency of Petroleum, Natural Gas and Biofuels],” Petrobras said.

There will be no loss or transfer of any Petrobras employees as a result of the transfer of the assets, the company said.

In Brazil, since 2019, Perenco has been operating Carapeba, Pargo, and Vermelho fields, in shallow waters in the Campos basin.