Petrobras terminates divestment contract for Uruguá, Tambaú fields

Petrobras has officially terminated a contract to transfer its stake in postsalt Santos basin fields Uruguá and Tambaú to Brava Energia SA (controlling company of Enuata Energia SA). 

The contract was conditioned, among other factors, on completion of the acquisition by Enauta of FPSO Cidade de Santos, owned and operated by MODEC, which did not materialize, Petrobras said. 

MODEC affiliate Gas Opportunity MV20 BV signed a contract with Enauta to sell FPSO Cidade de Santos in December 2023. The FPSO has been leased on a charter contract to Petrobras since 2010. The FPSO capable of processing 350 MMcfd of gas, 25,000 b/d of oil, and has storage capacity of about 700,000 bbl. Enauta terminated that contract in July 2024.  

Uruguá, Tambaú fields

Petrobras maintains a 100% stake in deepwater Uruguá and Tambaú fields and will evaluate alternatives for managing the asset, the company said. In December 2023, when Petrobras signed contracts with Enuata for Uruguá and Tambaú fields, it noted the fields' production accounted for less than 1% of the company's operated production from Santos basin and that the assets were up for decommissioning. 

Uruguá and Tambaú fields are part of the BS-500 concession and lie in the northern portion of the Santos Basin off the coast of the state of Rio de Janeiro in water depths of 1,000-1,500 m. In 2020, before the company released the teaser for potential sale, production from the fields was about 5,000 b/d of oil and 918,000 cu m/day of gas.