MME on Petrobras divestments in oil and natural gas exploration and production assets

Sept 10, 2020

Petrobras has been announcing to the market the sale of several oil and natural gas exploration and production assets, especially fields located on land or in shallow waters.

The Ministry of Mines and Energy (MME) clarifies that the decision rests exclusively with the Company and is part of its strategy of portfolio optimization and improvement of capital allocation, concentrating its resources in deep and ultra-deep waters, mainly in the polygon of the pre-salt, with a higher financial return.

The MME and the National Agency of Petroleum, Natural Gas and Biofuels (ANP), responsible for the supervision of contracts for exploration and production of oil and natural gas, have been following the process of divestment of Petrobras. The assignment of rights over these assets is in line with the Oil and Natural Gas Exploration and Production Policy established by the Resolution of the National Energy Policy Council (CNPE) No. 17/2017.

The expectation is that the transfer of these fields to another company will increasingly result in greater and faster investments in the development of new production systems and revitalization of those already implemented, including the drilling of new wells, generating a significant increase in production, collection of government stakes for the Union, State and Municipalities, as well as the expansion of job creation, bringing direct and indirect income linked to the expansion of these activities.

There are several successful examples of this process in the country, such as:

– In January 2019, the process of transferring the Azulão Field, in the Amazonas Basin, State of Amazonas, from Petrobras to Eneva was concluded. The divestment will allow to put into production, already in 2021, a natural gas field discovered in 1999 and which, until now, had not been developed. It will be the first commercial production of natural gas in the Amazon Basin.

– With respect to the state of Rio Grande do Norte, in December 2019, the process of assigning the Petrobras Riacho da Forquilha Pole to the company Potiguar E&P was completed, covering 34 onshore production fields, and in May 2020, the process of assigning the Polo Macau, from Petrobras to the company 3R Petroleum, was completed, covering 7 onshore production fields. In both cases, there was a significant increase in oil production and jobs generated in these concessions.

– In July 2020, the transfer of the Pampo and Enchova Polo, in the Campos Basin, from Petrobras to the company Trident Energy was completed. Additional firm investments in the order of US $ 1 billion have been committed, which bring the potential to add more than 200 million barrels of oil to reserves.

Finally, note that all rights assignment processes must be approved by the ANP, including the technical, economic and legal qualification process for the new company, in compliance with Articles 25 and 29 of Law 9,478 / 1997.

Source: Ministry of Mines and Energy

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