Petrobras To Shed Stakes In 15 Gulf Of Mexico Fields

Petrobras To Shed Stakes In 15 Gulf Of Mexico Fields
For More Enquiry: 08052442020

Brazilian oil and gas company Petrobras is selling its interest in a joint venture company that owns interests in 15 offshore fields in the U.S. part of the Gulf of Mexico.

Petrobras started the opportunity disclosure stage, regarding the sale of the entire 20 percent stake held by its subsidiary Petrobras America Inc. (PAI) in the Texas-based company MP Gulf of Mexico (MPGoM), which owns offshore fields in the Gulf of Mexico.

MPGoM is a joint venture company with an 80 percent stake held by Murphy Exploration & Production Company and 20 percent by Petrobras America Inc., created in October 2018, with the contribution of all oil and natural gas assets in production, located in the Gulf of Mexico, of both companies.

The joint venture company holds participation as an operator or a partner in 15 offshore fields in the Gulf of Mexico. Eight of these fields are MPGoM-operated while seven are non-operated. Petrobras’ share of the fields’ production in the first half of 2021 was 11,300 bpd of oil equivalent.

The eight operated fields are Chinook/Cascade, Dalmatian, Front Runner/Clipper, Medusa, Thunder Hawk, and Cottonwood. The company holds interests as a partner in Oxy’s Lucius, Kosmos’ Kodiak, Shell’s Habanero, W&T’s Tahoe, Hess’ Northwestern, Fieldwood’s SMI 280, and Chevron’s St. Malo.

According to Petrobras, the transaction is in line with its strategy of portfolio optimization, debt reduction, and capital allocation improvement, as it increasingly concentrates its resources in assets in deep and ultradeep waters in Brazil.

In the documentation accompanying the statement, Petrobras stated that prospective buyers must demonstrate an interest in entering the process by October 25, 2021, and that a virtual data room will be opened for bidders that sign a confidentiality agreement. Barclays will act as a financial advisor to Petrobras for this transaction.

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For More Enquiry: 08052442020


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