Aguila Energia Places $1.5bn Bid For Petrobras’ Bahia Fields

(Reuters, 11.Oct.2021) — A consortium led by Aguila Energia has placed the highest bid for Brazilian state-run oil company Petrobras‘ Bahia onshore fields, offering over $1.5 billion, according to two sources with knowledge of the situation.

Petroleo Brasileiro (PETR4.SA), as the company is formally known, declined to comment.

The proposal by Aguila Energia, a company founded by former executives of PetroRio (PRIO3.SA), beat proposals by PetroRecôncavo (RECV3.SA), 3R (RRRP3.SA) and Seacrest/Eneva (ENEV3.SA), the sources said.

Petrobras has been seeking to sell its stake in the Bahia onshore block, which is comprised of 28 onshore production concessions. It also includes access to infrastructure for processing, logistics, storage, transportation and offloading of oil and natural gas.

The block’s average production in January and February 2021 was around 13,500 barrels of oil per day and 660,000 cubic meters per day of gas.

Petrobras has been seeking to sell off assets to cut debt.

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By Marta Nogueira. Editing by Gabriel Stargardter, Sandra Maler and Cynthia Osterman

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