Petrobras sells two mothballed shallow-water fields offshore Brazil to Perenco for $10 million

April 18, 2024

(WO) – Petrobras has sold its entire stake in the Cherne and Bagre fields, in the shallow waters of Brazil’s Campos basin to Perenco Petróleo e Gás do Brasil Ltda (Perenco) for $10 million.

According to a company statement, production from the two offshore fields was interrupted in March 2020 and have been mothballed ever since. Instead of decommissioning the facilities and giving the concession up to Brazil’s regulatory body, ANP, the transaction gives Perenco the chance to resume production.

Additionally, Petrobras will “direct investments in the E&P segment towardss assets that are more in line with the company's strategy,” such as decarbonizing operations.

Petrobras isn’t cutting its workforce and is instead relocating relevant employees to other projects.



Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.