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Petrobras picks Warburg Pincus-backed Trident in oilfield re-bid

Sergio Moraes / Reuters
Petrobras confirms Trident's winning $1 billion bid for oil fields

By Carolina Mandl / Reuters

Petroleumworld 22 07 2019

Brazilian oil company Petroleo Brasileiro SA has chosen a bid from Warburg Pincus-backed Trident Energy as the winner in a final “re-bid” for two oilfields, three sources with knowledge of the matter said.

Petrobras, as the Brazilian state-run oil company in known, will fetch nearly $1 billion, two of the sources said. The firm received two offers in a final re-bid this month, the same sources said, declining to name the second bidder.

In a previous round, Brazilian independent oil firm Ouro Preto Oleo e Gas had joined British-based Seacrest Capital and Anglo-French firm Perenco to deliver a bid.

Trident's bid for the Pampo and Enchova shallow-water fields has yet to be confirmed by Petrobras' board of directors, which is scheduled to meet next week, the two sources said.

Petrobras and Trident did not immediately reply to requests for comment.

Petrobras put the oil fields up for sale nearly a year ago as part of a wider effort to divest assets and cut debt, but the Enchova and Pampo sale process has proved to be complex due to rules requiring competitive re-bids for certain asset sales.

Both oil fields produced almost 39,000 barrels of oil equivalent per day, according to July 2018 figures, making them the largest mature production asset that Petrobras is working to sell in its $35 billion, five-year divestment program.



Reporting by Carolina Mandl; Editing by Brad Haynes and Marguerita Choy from Reuters. 19 07 2019


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