Brazilian national oil and gas corporation Petrobras has launched the sale process of its 51% interest in the gas holding company Gaspetro, which owns stakes in several gas distribution companies, as part of a settlement with Brazil’s anti-trust regulator, the Administrative Council for Economic Defense (Cade). The sale is open for strategic investors with a net worth of at least US$500m or financial investors with at least US$1bn under management.
In July 2019, Petrobras signed an agreement with Cade, under the terms of which the group committed to sell stakes in gas transmission assets. The company also seeks to boost competitiveness in the gas market, according to the “Novo Mercado” resolution approved in late June 2019 and that would lead to breaking up Petrobras' monopoly on production and distribution. In 2019, Gaspetro distributed 29 mcm/day (over 10 bcm/year), supplying around 500,000 customers, through a distribution network of more than 10,000 km of gas pipelines. In 2015, Petrobras sold 49% of Gaspestro to Mitsui Gás e Energia do Brasil, an affiliate of Japanese conglomerate Mitsui Group.
In addition, Petrobras is selling its participation in Merluza and Lagosta oil fields in Santos basin (Brazil). The average production of Merluza and Lagosta oil fields was 3,600 boe/d in 2019. Brazil expects to privatise around BRL 150bn (US$35.9bn) in assets during 2020. The government intends to reduce the numbers of companies held by the state from 624 (at end-2019) to 300 by end-2020.