Brazil's Petrobras has initiated the sale process for a group of 26 onshore and shallow-water oil fields and a small nearby refinery in the northeastern part of the country, as the state-run company forges ahead with its ambitious divestment program.
In a securities filing, Petroleo Brasileiro SA, as the firm is formally known, said it had begun the teaser phase for the sale of the oilfields and the nearby Clara Camarao refinery in the state of Rio Grande do Norte. The oil fields, known collectively as Polo Potiguar, produced roughly 23,000 bbl/d of oil in 2020 and 124,000 cubic meters per day of gas, while the refinery has an installed capacity of 39,600 bbl/d, the company said.
Petrobras is years into a drive to sell of tens of billions of dollars of noncore assets in a bid to reduce its hefty debt load and sharpen its focus on deepwater oil production.
Clara Camarao adds to the list of eight refineries Petrobras has previously put up for sale: RNEST, REPAR, RLAM, REFAP, REGAP, REMAN, LUBNOR and SIX. That group accounts for half of Brazil's refining capacity, or 1.1 million bbl/d.
Following the crash in crude oil prices earlier this year, the company announced that it was permanently idling its shallow-water fields, which tend to have relatively high lifting costs.
During the teaser phase, Petrobras makes certain information about the assets and the eligibility criteria for bidders available.
The Clara Camarao refinery serves the regional market, and its main products are diesel, gasoline and jet fuel, Petrobras said.
Recommended Reading
Shell Taps Bloom Energy’s SOEC Technology for Clean Hydrogen Projects
2024-03-07 - Shell and Bloom Energy’s partnership will investigate decarbonization solutions with the goal of developing large-scale, solid oxide electrolyzer systems for use at Shell’s assets.
Energy Transition in Motion (Week of March 1, 2024)
2024-03-01 - Here is a look at some of this week’s renewable energy news, including Chevron’s plans for a solar-to-hydrogen facility in California.
Plug Power Finalizes Contract with US Auto Manufacturer
2024-02-21 - Plug Power says it will supply hydrogen infrastructure and fuel cell solutions as part of the agreement.
Verdagy Awarded $39.6MM DOE Grant for Electrolyzer Production
2024-03-14 - Verdagy will use the Department of Energy grant to accelerate the manufacture of e-dynamic electrolyzers for green hydrogen solutions.
Kraft Heinz, Carlton Power Partner to Develop Green Hydrogen Plant
2024-02-05 - Located at Kraft Heinz’s Kitt Green manufacturing plant in Wigan, Greater Manchester, the proposed $50.1 million plant will have a 20-megawatt capacity.