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Higher Oil Prices Spur Brazil To Sell More Assets

Brazil’s state-run oil company has reopened the bidding of its legacy oilfield clusters, according to Reuters sources. The reopening announcement coincides with the higher price of oil, which would make such an offering significantly more attractive and once again commercially viable.

Petroleo Brasileiro SA, or Petrobras, has reopened the bidding on the Golfinho offshore oilfield cluster. The cluster is located in the Espirito Santo basin, 60km offshore Brazil in 1,300-1,460 meters of water. Reserves have been estimated at 450mbbl.

Petrobras discovered Golfhino in 2003 with a wildcat well, with first oil in 2006.

The offering is in line with Petrobras’ previously stated plan to shed certain assets to focus more on its deepwater pre-salt assets.

DBO Energy, according to Reuters, had previously been in negotiations over Golfinho. Reuters sources suggest that DBO Energy may place another bid for the asset, along with BW Energy Ltd.

Brazil is now the region’s leading oil producer and the eighth largest globally behind Iraq and the United Arab Emirates.  Brazil pumped on average over 2.9 million barrels of crude oil daily during 2020, of which 69% came from its offshore ultra-deep-water pre-salt oilfields.

For the Golfinho cluster, Petrobras is sharing its production information from a well drilled last year—information that Petrobras had previously withheld. According to Petrobras, Golfinho produces 14,900 barrels of oil and condensate per day, with production declining.

Brazil is still one of the hottest oil games in town. The IEA has estimated that Brazil’s oil production will make “impressive gains” over the next four years, and it still has billions of untapped barrels in the pre-salt zone. Brazil will be one of the main drivers of future offshore oil production.

By Julianne Geiger for Oilprice.com

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