Brazilian state-run oil firm Petrobras has begun the non-binding phase for the sale of its Polo Reconcavo onshore oil and gas cluster in the northeastern state of Bahia, the company said on July 3.
During this phase of the process, interested parties are to make non-binding offers for the cluster, which is composed of 14 oil fields.
Polo Reconcavo had an average production of 2,800 barrels per day of oil and 588,000 cubic meters of gas in 2018, the company said.
Leading independents in the Permian Basin—Diamondback, Pioneer and Concho—are preparing to release quarterly results this week, which are expected to show a cautious approach for the year ahead.
The oil and gas industry must respond to a new era as investors and the public shift focus on what they view as important.
Founder, former chairman and president of Clayton Williams Energy Inc., was the Hart Energy Industry Leadership Award recipient in November 2018.