Petrobras begins binding phase for Bahia Terra cluster sale

Petróleo Brasileiro SA (Petrobras) has started the binding phase of the sale of its stakes in the Bahia Terra cluster in Bahia, onshore Brazil.

Potential buyers qualified for the phase will receive a process letter with instructions on the divestment process, including guidelines for due diligence and the submission of binding proposals.

The cluster is comprised of 28 onshore production field concessions in the Recôncavo and Tucano basins and includes access to processing, logistics, storage, transportation, and outflow infrastructure for oil and natural gas.

Additionally, the cluster has collection and treatment stations, oil storage and transportation parks, gas and oil pipelines, besides the NGPU Catu and other infrastructures associated with the production process.

Average production of the cluster in January and February 2021 was 13,500 bo/d and 660,000 cu m/d of gas. Petrobras is operator with 100%.

The company noted that the concessions corresponding to Miranga and/or Recôncavo fields were not included in the sale process, since the respective sale contracts were signed on Dec. 17, 2020 and Feb. 24, 2021.