The Brazilian state-run oil and gas company Petrobras has launched the non-binding phase of the sale of a 50% operating working interest in two deepwater offshore oil and gas blocks located in the Campos basin off Brazil, namely the Tartaruga Verde field (BM-C-36 Concession) and the Module III of Espadarte field. The company was negotiating the sale of the Tartaruga asset with Karoon Gas but court proceedings were initiated against the transaction under allegations that Petrobras did not follow the proper sale procedure.
Petrobras is heavily indebted and has been forced to divest assets. The company is currently implementing a US$21bn divestment programme for 2017-2018. In September 2017, it initiated a divestment opportunity related to the exploration, development and production rights in five sets of onshore fields (totaling 19 concessions), located in Ceará, Rio Grande do Norte and Sergipe states (Brazil). The company also sold stakes in Brazil’s offshore pre-salt layer, namely a 22.5% share in the Iara concession and a 35% stake in the Lapa concession (Santos basin) to the French company Total for US$2.2bn.