Petrobras is reportedly planning to sell a 50% working interest in the frontier Pelotas Basin offshore southern Brazil to Total.

The stake in deepwater block BM-P-02 covers four areas, although the proposed sale is still being studied by Brazil’s anti-trust body CADE (Council for Economic Defence) and the National Petroleum Agency. The Brazilian major won the concession in the country’s 2004 licensing round.

A two-well exploration campaign is due to get under way in the block in December using Diamond Offshore’s Ocean Baroness semisub rig to drill the initial Guarani wildcat. A second well would target the Pampeano prospect later in 2014.

Block BM-P-2 is located adjacent to neighbouring Uruguay’s Pelotas Basin, where the French operator has an exploration license in place for Block 14, which it was awarded in May last year and which has water depths ranging from 2,000-3,500 m (6,562-11,483 ft).

If approved, the sale would form part of Petrobras’ US $9.9 billion divestment programme, aimed at funding its 2013-2017 investment plan of $236.5 billion. The company has so far sold off more than $4.3 billion in assets.

Offshore