Petrobas Mulls Sale of Oil and Gas Fields

At $21bn, Petrobras said second quarter revenue was 33.7% higher than first quarter levels, an improvement driven primarily by the increase in commodity prices.

SEATTLE (Oil Monster): Brazilian energy company Petrobras said September 8 that it plans to sell off its equity interest in oil and gas fields in the Santos Basin.

In what it described as a “teaser,” part of the preliminary disclosure phase, the company said it wanted to sell of its entire 100% stake in the Urugua and Tambau fields off the coast of Rio de Janeiro. The company said the potential sales includes the Uragua-Mexilhao natural gas pipeline, which extends some 174 km from the Urugua field to a nearby platform. The fields flowed on average 5,000 barrels/day of oil and 918,000 m³/d in natural gas in 2020.

The Brazilian national energy company is in the midst of a sweeping divestment programme aimed at paying down its debt and freeing up capital for deepwater offshore projects.

The company reported free cash flow of $9.3bn, up from the $5.6bn realised during Q1 2021 and a vast improvement over the $3bn posted during Q2 2020.

At $21bn, Petrobras said second quarter revenue was 33.7% higher than first quarter levels, an improvement driven primarily by the increase in commodity prices. In the domestic market, oil products revenue of $12bn marked a 27.4% increase over Q1, while natural gas revenue of $1.3bn was 28.5% better than during the first quarter.

Potential bidders need to be qualified by Brazil’s National Agency for Petroleum, Natural Gas and Biofuels.

 Courtesy: www.naturalgasworld.com