September 6, 2019 / 12:41 PM / 16 days ago

Brazil's Petrobras launches binding phase to sell onshore oil blocs

BRASILIA, Sept 6 (Reuters) - Brazil’s state-run oil company, Petroleo Brasileiro SA, has launched the binding phase of the sale of 41 onshore oil concessions in the coastal states of Bahia and Espirito Santo, according to securities filings on Friday.

Petrobras, as the company is known, will sell 100% of 27 exploration and production concessions in the so-called Polo Cricare area in Espirito Santo, it said. The fields produced 2,800 barrels par day of oil and 11,000 cubic meters per day of natural gas on average in 2018.

In Bahia, the oil company will sell its 14 concessions in the Polo Reconcavo area, where it owns a 100% share in all but two of the blocs, Petrobras said. The concessions recorded average production of 2,800 barrels per day of oil and 588,000 cubic meters per day of natural gas in 2018. (Reporting by Jake Spring; Editing by Steve Orlofsky)

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