BW Energy and DBO bid for Petrobras’ Golfinho Cluster

Reuters) Norway’s BW Energy and Brazil’s DBO Energy have sent bids for Petrobras’ offshore oil cluster Golfinho PETR4; PETR3, two knowledgeable sources told Reuters.

The oil company has sold dozens of assets in recent years – from oil pipelines to refineries – in order to reduce its debt and focus on oil production in deep waters.

Among the assets for sale are mature oil fields, such as Golfinho. Located off the coast of Espírito Santo, Golfinho produced approximately 14,900 barrels of oil per day and 750,000 cubic meters of gas per day in 2020, according to documents released by Petrobras.

Petrobras declined to comment. BW and DBO did not respond to requests for comment.

The company had entered into bilateral negotiations with the DBO, which is made up of Brazilian and Norwegian executives, according to a report published by Reuters in January. The parties were discussing amounts in the few hundred million dollars, Reuters said at the time.

However, these negotiations did not result in a definitive agreement and Petrobras subsequently reopened the tender, after disclosing additional technical information about Golfinho.

Although BW had already valued the asset, interest in Golfinho increased significantly after Petrobras’ additional disclosures, according to one of the sources, who spoke to Reuters in recent days.

BW and DBO submitted their bids in mid-June, although they have not been published previously. Petrobras is expected to start bilateral negotiations with the biggest bidder in the coming weeks or days, added the sources, who requested anonymity to discuss confidential matters.

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