Brazil's state-controlled oil and gas giant Petrobras announced Monday the beginning of the binding phase related to the sale of three off-shore fields in its oil-rich area.
Petrobras started the binding phase related to the sale of 50 percent of its non-operated working interest in Tartaruga Verde field (BM-C-36 Concession) and Module III of Espadarte field, both located in deep water in Campos Basin.
The company also reported the beginning of the binding phase related to the sale of its entire stake in Bauna field (concession area BM-S-40), located in shallow waters in the Santos basin.
All three fields are located off the coast of Rio de Janeiro and Sao Paulo states, in Brazil's southeastern region. The area holds Brazil's largest offshore oil reserves.
According to Petrobras, at this stage of the project, "process letters are issued to qualified interested parties with detailed instructions about the divestment process, in addition to guidelines to conduct due diligence and submit binding proposals."
The company also said that the disclosure of the sale to the market was in compliance with its divestment methodology.
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