Petrobras President, Roberto Castello Branco, in early July said the company plans to sell all its onshore and shelf fields to concentrate activities on deepwater assets. New larger and more attractive packages for onshore assets will be launched. The current divestment list may include the Canto do Amaro and Carmopolis fields, both onshore with currently active production. In 2019, Petrobras divested 65 mature fields. Petrobras is specializing in the deepwater fields because this is where we can extract the greatest possible return and where Petrobras is unbeatable. He characterized the onshore and shelf fields as very small for Petrobras with low productivity. Castello Branco highlighted that for Petrobras to face the opening of markets and be competitive, the company has been focusing on cost reduction.Meanwhile, Petrobras and other rightholders received various contract extensions on blocks where they held interests such as FZA-M-59, SEAL-T-118, SEAL-T-143, SEAL-T-154, SEAL-T-155, ES-T-506, ES-T-516, PN-T-103, PN-T-69, PN-T-87. Two other Petrobras blocks (PAR-T-198 and PAR-T-218) in the Parana Basin returned to active status after lengthy periods of force majeure and the first period of exploration has now been extended to 3 November 2021. Regarding divestment in the downstream, the Petrobras CEO anticipated that the next refinery to receive a binding proposal will be Repar, in ParanÃ¡, in August. Castello Branco also said that most of the contracts to sell the refineries could be signed by the end of 2020 with formal closing of deals in 2021. He also believes that the sale of Gaspetro can be completed by year end. Mitsui, a Petrobras partner in the company, has the right of first refusal, but thus far has not shown interest. Regarding divestment in BR Distribuidora and Braskem, Castello Branco said that those divestments would depend on improvements to the economic scenario and capital markets. He again expressed satisfaction with the binding offers received for the RLAM refinery further noting it was the first major asset offered for sale in 2020 and that given the complex scenario for the global economy and the oil industry, it was a very good result,â he said.
Brazil, Petrobras President, Roberto Castello Branco, in early July said the company plans to sell all its onshore and shelf fields to concentrate activities on deepwater assets. New larger and more attractive packages for onshore assets will be launched. The current divestment list may include the Canto do Amaro and Carmopolis fields, both onshore with currently active production.