Farm-out of Xerelete and Xerelete Sul completed

11/09/18

Petrobras concluded the farm-out of the BM-C-14 (Xerelete Sul) and BC-2 (Xerelete) concessions to Total, in the Campos Basin. Petrobras withdrew its stake in 2016, but only now has the process been completed after regulatory approvals.

The assets had been included in the company’s divestment program in 2013 but received no offer to buy. After this attempt to sell, Petrobras still drilled a well in the region, which served to confirm the area’s low attractiveness.

Petrobras’ participation in the areas was 50% in Xerelete Sul and 41.75% in Xerelete. Total now operates with 100% of the Xerelete Sul field and 71% of the Xerelete field, in partnership with BP. The Xerelete deepwater field is in production.

Source: Brazil Energy

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