Petrobras To Sell Entire Stake in Onshore Field of Sergipe

Petrobras will sell the Rabo Branco field, part of the BT-SEAL-13 concession, to Energizzi Energias.

Headquarters of Petrobras, the Brazilian energy company in Rio de Janeiro.
Petrobras headquarters in Centro.
Jon Hicks/Getty Images

Petrobras on 11 December signed a contract with Energizzi Energias do Brasil to sell its entire stake in the onshore field of Rabo Branco, located south of the Carmópolis field in the Sergipe-Alagoas Basin, Sergipe state. The Rabo Branco field is part of the BT-SEAL-13 concession.

The $1.5-million sale is in line with Petrobras’ strategy to cut costs and improve its capital allocation, to focus its resources increasingly on deep and ultradeep waters.

The average oil production of the field, from January to October 2020, was 138 B/D.

Energizzi Energias do Brasil will own 50% stake in the Rabo Branco field; operator Produção de Óleo e Gás (Petrom) holds the remaining 50%.

On 10 December, Petrobras closed the divestiture of its full ownership in four onshore fields at the Tucano Basin site in the state of Bahia. Petrobras sold its entire interest to Eagle Exploração de Óleo e Gás (Eagle).

Petrobras earned $2.571 million from this sale, in addition to the $602,000 that the company received at the time of signing the sale contract, for a total of $3.173 million.