Brazilian firm Petrobras starts sale of interests in Bahia Terra cluster

Brazilian firm Petróleo Brasileiro (Petrobras) has started the process of selling its interests in the Bahia Terra cluster in different municipalities of the state of Bahia (the Bahia Terra cluster).

The company has entered the teaser stage to sell its interests in 28 onshore production field concessions and associated facilities in the Recôncavo and Tucano basins in different municipalities of Bahia state.

The Bahia Terra cluster has about operational 1,700 wells, 19 collection stations, 12 collection points, two oil treatment stations, six collection and compressor stations, and four water injection stations.

It also includes 980km of gas and oil pipelines, as well as the administrative bases of Taquipe, Santiago, Buracica, Araçás, and Fazenda Balsamo.

Average production of the Bahia Terra cluster from January to August was around 14,000bpd of oil and 642,000m³/d of gas.

Petrobras operates the cluster with 100% interest.

Petrobras said in a statement: “This disclosure is in accordance with Petrobras’ internal rules and with the provisions of the special procedure for assignment of rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

“This transaction is aligned with the strategy of portfolio optimisation and the improvement of the company’s capital allocation, concentrating increasingly its resources on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.”

In August, Petrobras signed a contract with SPE Rio Ventura to sell its entire stake in eight onshore fields in the Brazilian state of Bahia.

In July, Petrobras signed a share purchase and sale agreement to sell its remaining 10% stake in natural gas pipeline company TAG to Engie Brasil and Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ).