Petrobras launches sale of two Santos Basin fields

Brazilian oil and gas giant Petrobras has started the opportunity disclosure stage (teaser), referring to the sale of all its equity interest in Merluza and Lagosta fields, located in the shallow waters of Santos Basin off Brazil.

Petrobras announced the teaser for the two shallow water assets on Thursday, February 27. This transaction is in line with Petrobras’ portfolio optimization and the improvement of the company’s capital allocation.

Operating since 1993, the Merluza fixed platform (PMLZ-1), located in a 135-meter water depth, is the oldest in operation in the Santos Basin and was installed for the production of natural gas and condensate from the field.

Since April 2009, the unit has also been responsible for the production of natural gas and condensate from the Lagosta field. The average production of the fields, in 2019, was 3.6 thousand boe/day.

The cluster comprises two offshore concessions located in shallow water at a distance of ~180 km from the coast near the Presidente Bernardes Refinery (RPBC) with reservoir depth between 4,600 to 5,100m. Petrobras currently holds 100% stake and operates the concessions.

The cluster is currently producing from three wells and one fixed platform PMLZ-1, from which gas and condensate is exported through a pipeline of 16” and 215 kilometers to RPBC in Cubatão

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