Brazil’s Petrobras has unveiled ambitious plans to sell stakes at four deep-water fields in the Campos basin, in what is potentially one of the largest upstream divestment opportunities put forward by the state-controlled company to date.

In a teaser announcement on Monday, Petrobras said it is selling 50% working interests in the Marlim, Voador, Marlim Leste and Marlim Sul fields, with the oil giant retaining the other half and operatorship.

According to Petrobras, the Marlim cluster is Brazil’s third-largest offshore development, behind only the Tupi and Buzios pre-salt fields, with combined production of approximately 240,000 barrels of oil equivalent per day on average this year.

Huge potential

However, Petrobras said the fields have a promising stream of future activity, including pre-salt potential and the planned revitalisation of the Marlim field with the deployment of two floating production, storage and offloading vessels in the next few years.

Japan’s Modec is building the Anita Garibaldi FPSO, while Malaysia’s Yinson Holdings is in charge of the Anna Nery floater. First oil is scheduled for 2023, with both units reaching plateau by 2025.

The Marlim revitalisation initiative will feature the drilling of 14 development wells, including 13 producers and one water injector, as well as the relocation of up to 32 producers and 31 water injectors currently linked to existing production units in the field that are due for decommissioning.

Marlim's long history of output

Discovered in 1985, Petrobras started production from Marlim in 1991. It also harbours the Brava pre-salt discovery made at greater depths inside its ring-fence that adds a larger resource base to the field.

Another significant pre-salt find made in the cluster is Poraque Alto, which extends through the Marlim Leste and Marlim Sul fields. Petrobras intends to carry out an extended well test in the accumulation in 2022.

Petrobras also has the Tracaja pre-salt discovery on stream since 2011 in Marlim Leste and has identified other exploration targets below the salt canopy for future drilling, including the Donatella prospect, that may extend the field’s life significantly.

Petrobras also said the Marlim cluster holds about 20 billion barrels of oil in place and its concession contracts are only due to expire in 2052.

Companies have until 11 December to submit all required documents to participate in the Marlim sale process. Scotiabank is overseeing the sales operation.

A few years ago, Petrobras signed a partnership with China National Oil & Gas Exploration & Development Corporation (CNODC) that would see CNODC take a minority 20% interest in the Marlim cluster, but the deal was later axed.

Finance

Petrobras starts sale of third-largest producing oil and gas field cluster off Brazil