Petrobras Starts Process Of Transfer Of Rights Of Shallow Water Assets

(RTTNews) - Brazil's state-run oil company Petróleo Brasileiro S.A. (PZE), commonly known as Petrobras, announced Tuesday that it has started the process of transfer of rights of oil and natural gas exploration, development and production in shallow water fields in the states of Ceará and Sergipe.

Nine concessions are being offered, which had an average production of 13 thousand barrels of oil equivalent per day in 2015, representing 0.5% of Petrobras' total production.

The company noted that the fields were grouped into production complexes, with integrated installations, in order to provide the new concessionaires with full operating conditions.

The process will be conducted in a competitive manner and Petrobras will assess the terms and conditions of the received proposals.

Petrobras said the sale is part of its divestment strategy, whose goals and objectives are defined in the 2015-19 Business and Management Plan. In line with market practices, estimates of the amounts involved are considered to constitute strategic information and will therefore not be disclosed before the sale transaction is concluded.