Middle East

Petrobras US Gulf unrestrained phase begins

February 16, 2022

St Malo Platform / Credits: steve coons / MarineTraffic.com

Brazilian oil company Petrobras has begun a non-binding phase of asset sales in the Gulf of Mexico, USA.

Petrobras has sold its entire 20% stake in MP Gulf of Mexico, LLC. (MPGoM) is located in Texas, USA and owns an offshore field in the Gulf of Mexico.

MP Gulf of Mexico (MPGOM) is a joint venture between Murphy Oil and Petrobras, with an interest in the San Malo platform as well as 14 areas of the Gulf of Mexico in the United States. Murphy owns an 80% stake and Petrobras owns a 20% stake through its PAI subsidiary.

Petrobras first announced its intention to withdraw from the joint venture in October 2021. The company at the time stated that the oil and gas companies of interest must have a market capitalization or net worth of US $ 500 million or higher, or a public credit rating of Ba3 / or higher. BBB-.

In a statement on Wednesday announcing the non-binding phase, Petrobras said that potential buyers eligible for the phase could receive more information about MPGOM in addition to divestment process instructions, including preparation and submission guidelines. Of non-binding proposals that said you would receive a process letter containing.

“This business is in line with our portfolio management strategy and improving our company’s capital allocation, with the goal of maximizing value and increasing return on society,” said Petrobras.

MP Gulf of Mexico was created in October 2018. Petrobras’ share of the production of the MPGOM oil field in 2021 was 10.4 thousand barrels of oil equivalent / day.

Some of the key assets that MGOM has a stake in are the marine fields of Saint-Malo, Lucius, Cascade / Chinook, and Dalmatian.

© Petrobras

https://www.oedigital.com/news/494365-non-binding-phase-starts-for-petrobras-u-s-gulf-of-mexico-asset-sale Petrobras US Gulf unrestrained phase begins

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