Thursday 19 December 2019 11:27 am

British firms in the running for Petrobras oil fields

British firms Trident Energy and Premier Oil, along with Anglo-French producer Perenco, are rumoured to be weighing up the purchase of Petrobras’ Brazilian oil fields.

Sources told Reuters that the firms were in preliminary deliberations concerning a cluster of mature fields in Brazil’s Campos basin.

Read more: Petrobras offloads gas pipeline to Engie as firm looks to cut debt

The Polo Garoupa fields, as the cluster is known, could fetch several hundred million dollars, which would be in line with sales of similar fields in the basin.

However, the cluster is reportedly more complex than is normal, meaning the potential price range is not yet clear.

Perenco declined to comment. City A.M. has contacted Premier Oil and Trident Energy for comment.

Unlike previous divestments, the sale reportedly has no non-binding phase.

Bidders have signed confidentiality agreements and are discussing the asset with the semi-public company.

The submission of formal offers is expected to be the next stage.

In the 12 months finishing in August, Polo Garoupa produced nearly 20,000 barrels of oil a day, making it Petrobras’ largest production asset for divestment.

Read more: Premier Oil pushes back over claims it is under pressure from investors

The Brazilian firm is looking to reduce its debt pile by selling $20 to $30bn worth of assets in the next five years.

In November 2018 Petrobras announced that it had sold its stakes in its Pargo, Carapeba and Vermelho fields to Perenco for $370m.

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