Petrobras launches divestment of shallow water oil & gas field offshore Brazil

Brazil’s state-owned oil and gas giant Petrobras has kicked off the opportunity disclosure stage for the sale of its working interest in a producing shallow water field in the Sergipe-Alagoas Basin off the coast of Brazil.

This stage of the process, also known as a teaser, contains the main information about the opportunity and the eligibility criteria for selecting potential participants concerning the transfer of Petrobras’ 25% minority stake in the Tartaruga field in the town of Pirambu-SE, in shallow waters of the Sergipe-Alagoas Basin, operated by SPE Tiêta (75% interest), controlled by Petrorecôncavo.

Since the Brazilian giant is not the operator of this field, no company employees are working exclusively on the asset, thus, the transfer of the firm’s stake will have no impact on its own or outsourced workforce. The potential transfer of the company’s stake in the field will not affect its other activities in the region.

Based on its 2025-2029 Business Plan, Petrobras will maintain important investments in the state of Sergipe, with the contracting of two FPSOs for the Sergipe Deepwater area (SEAP), with a production capacity of up to 120,000 barrels per day each, and the construction of a gas pipeline with a capacity of 18 million cubic meters a day.

The Brazilian giant’s share of production from the Tartaruga field, considering the average for the first nine months of 2024, was approximately 41 bpd of oil and 723 cubic meters per day of associated gas. As the total production of the field is less than 1% of the total output of the state of Sergipe, the decision to divest takes into account the fact the field is a non-operated asset with no synergies with the company’s portfolio.

Located on the north coast of the state of Sergipe in the municipality of Pirambu, the Tartaruga field lies in the shallow waters of the Sergipe-Alagoas Basin. The wells were drilled directionally, from the base in the onshore portion of the field.

Petrobras is working on multiple oil and gas projects offshore Brazil. Recently, a ceremony to mark the start of construction of its new FPSO was held at the CIMC Raffles Offshore’s Yantai shipyard in China.