From the Field

Petrobras rejects bid for mature Brazilian assets

Brazil

RIO DE JANEIRO, January 24, 2019 – NOC Petrobras has decided to pass on a bid from Ouro Preto Óleo e Gás for the mature Pampo and Enchova clusters, located offshore Brazil in the Campos Basin, international media reported Wednesday.

Ouro Preto had submitted the highest bid for the assets in an initial bidding round last year, subsequently entering exclusive talks with Petrobras. However, the NOC relaunched a bidding process for the areas in December and Ouro Preto reduced its offer due to lower oil prices, Reuters said.

It is unclear whether Petrobras and Ouro Preto will resume bilateral talks or if a new bidding round will be held for Pampo and Enchova.

The two clusters together produce around 39,000 bopd, more than any other of the mature assets Petrobras has marked for divestment, the report added.