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Financial News: PETROBRAS: Company Starts Divestment In Tartatuga Verde An

PETROBRAS: Company Starts Divestment In Tartatuga Verde And Espadarte Fields

04/03/2018 - 18:31:00 (RTTNews)

(RTTNews) - The Brazilian state-owned oil company Petrobras launched the divestment of a 50% non-operated working interest in Tartaruga Verde field (BM-C-36 Concession) and Module III of Espadarte field. Both areas are deepwater offshore exploration and production assets located in the Campos Basin.

In Tartaruga Verde, the state-owned company holds a 100% stake. One of the fields extends beyond the limit of the BM-C-36 concession and has an agreement of individualization of the production (AIP) signed with the Pre-Sal Petroleo (PPSA), linked to the Brazilian government.

The first oil is expected for the second quarter of this year and should reach a production peak above 100,000 barrels per day in 2019, with the entire production being disposed of by FPSO Cidade de Campos dos Goytacazes.

Petrobras also holds a 100% stake in Module III of the Espadarte field. The development of the production of this module should be accomplished by interconnecting a well to the same FPSO allocated in the Tartaruga Verde field. The first oil is scheduled for the first quarter of 2021, with peak production reaching 10.5 thousand barrels per day.

In both cases, Petrobras would divest 50% of its non-operated working interest. In a statement, the state-owned oil company said that the disclosure is in line with the system for divestments and the guidance of the Brazilian Court of Audit (TCU).

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