Brazil’s Petrobras Enters Binding Phase for Disposal of Stake in Tartaruga Field

Brazil’s state-owned oil and gas giant Petrobras has rolled up its sleeves to embark on the binding phase of the disposal of its working interest in a producing shallow water field in the Sergipe-Alagoas Basin off the coast of Brazil.

This follows the opportunity disclosure stage of the process, also known as a teaser, which revealed the main components and the eligibility criteria for selecting potential participants concerning the transfer of Petrobras’ 25% minority stake in the Tartaruga field in the town of Pirambu-SE, in shallow waters of the Sergipe-Alagoas Basin, operated by SPE Tiêta (75% interest), controlled by Petrorecôncavo.

The start of the binding phase for the total transfer of Petrobras’ 25% minority interest in the exploration, development, and production of oil and natural gas from the field will enable qualified potential buyers to receive an invitation letter with detailed instructions regarding the ongoing process, including instructions for conducting due diligence and submitting binding proposals.

The wells in the Tartaruga field, which is located on the northern coast of the State of Sergipe in the municipality of Pirambu within the shallow waters of the Sergipe‐Alagoas Basin, were directionally drilled from a land-based facility within the field.

The Brazilian giant’s share of production from the field, based on the 2024 average, was approximately 41 barrels of oil per day (bpd) and 689 cubic meters a day of associated gas. Petrobras’ 2025-2029 Business Plan highlights the firm’s plans to maintain investments in the state of Sergipe, with the contracting of two FPSOs for the Sergipe Deepwater area (SEAP).

The Brazilian giant made progress on several oil and gas projects in 2024. A few days ago, the firm extended the stay of an FPSO vessel in Brazil’s Santos Basin.