Petrobras has revealed plans to divest its 25% stake in the Tartaruga field, a shallow-water oil and gas asset situated in northeastern Brazil.
Located off the coast of Pirambu, Sergipe, the field is operated by SPE Tiêta, a subsidiary of Brazilian oil and gas company Petrorecôncavo. SPE Tiêta holds the remaining 75% interest.
According to Petrobras, the decision to transfer its stake aligns with its strategy to streamline its portfolio by focusing on assets with greater synergy and operational relevance.
The Tartaruga field has contributed modestly to Petrobras’ production. The company reported an average share of 41 barrels per day (bpd) of oil and 723 cubic metres of associated gas during the first nine months of 2024.
Petrobras noted that the field’s output accounts for less than 1% of Sergipe’s total production.
The company’s plans to exit the Tartaruga field will not affect its broader operations in Sergipe.
As outlined in its 2025-2029 Business Plan, Petrobras will continue to prioritise investments in the region. These include the deployment of two floating production, storage, and offloading units (FPSOs) in the Sergipe Deepwater area, each with a production capacity of up to 120,000bpd.
The plans also involve the construction of a gas pipeline with a daily capacity of 18 million cubic metres.
The Tartaruga field, located in the Sergipe-Alagoas Basin, has an onshore operational infrastructure. The wells are drilled directionally from a land-based facility.
The asset was originally acquired during the Zero Round of Block Bidding conducted by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
The divestment process will involve the transfer of Petrobras’ exploration, development, and production rights for the field, including all integrated facilities. This will be executed under the terms of its existing partnership agreement with SPE Tiêta.
Petrobras has confirmed that the transfer of its stake will not impact its workforce, as no employees are exclusively assigned to the field.
The Tartaruga field produces light oil with an API gravity ranging from 38.8 to 41.1 degrees and has an estimated in-place volume of 89.5 million barrels of oil.
Under the terms of the partnership agreement, SPE Tiêta, as the operator, holds no pre-emptive rights regarding production. Petrobras is entitled to 32.33% of the field’s output and does not bear financial responsibility for sub-commercial wells drilled by the operator.
For hydrocarbon-producing wells, Petrobras reimburses the operator using its share of production revenue until the company recoups its 25% share of the investment.
In August 2024, Petrobras submitted a development plan to the ANP requesting an extension of the Tartaruga field’s concession agreement.
