Brazilian major Petrobras has, as expected, sold off stakes in several deepwater field assets in the US Gulf of Mexico and Brazil.

The biggest sale saw China’s Sinochem Group snap up its 35% stake in block BC-10, Parque das Conchas, for $1.54 billion. Block BC-10 in the Campos Basin lies around 100 km off the coast of Espírito Santo state, with its partners including operator Shell (50%) and India’s ONGC (15%).

These partners do have pre-emptive rights, which can be exercised within 30 days after notification. DI understands that ONGC is considering exercising this right, while Shell is unlikely to want to increase its share further.

Completion of the transaction is subject to the certain standard pre-conditions, including approval by the Brazilian Antitrust Authority (Cade), Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) and China’s National
Development and Reform Commission (NDRC).

Petrobras also confirmed a farm-out to an unspecified company amounting to $185 million related to 100% of its stake in blocks MC 613 (Coulomb), GB 244 (Cottonwood) and EW 910, all producing assets in the US Gulf.

The Brazilian has a 33% stake in Coulomb; the remaining 67% is held by operator Shell. The field is located in Mississippi Canyon Block 613, 130 km off the coast of Louisiana. Petrobras has a 100% stake in the Cottonwood field in Garden Banks Block 244, around 220 km offshore Texas, and a 60% stake in the EW910 asset; the remaining 40% is held by operator W&T Offshore.

This transaction is also subject to third party preemptive rights and approval by the Bureau of Ocean Energy Management (BOEM).

Offshore