Petrobras Starts Tartaruga Field Binding Phase

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BELIZE CITY, BELIZE (Aaron Simonsky, Energy Analytics Institute, 23.Jan.2025) — Petrobras commenced the binding phase for the total transfer of its 25% minority interest in the exploration, development, and production of oil and natural gas in the Tartaruga Field, operated by SPE Tiêta (Petrorecôncavo).

Qualified potential buyers for this phase will receive an invitation letter or process letter with instructions regarding the ongoing process, including instructions for conducting due diligence and submitting binding proposals, Petrobras announced 23 Jan. 2025 in an official statement.

Tartaruga details

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

Petrobras’ share of production from Tartaruga was 41 barrels per day of oil (b/d) and 689 m³/day of associated gas, based on the 2024 average.

SPE TIETA, controlled by Petrorecôncavo, currently operates Tartaruga with a 75% interest.

Petrobras said the binding phase is inline with its strategy for the transfer of exploration, development, and production rights for petroleum, gas, and other fluid hydrocarbons, as provided for in Decree 9,355/2018.

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By Aaron Simonsky reporting from Belize City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.

ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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