Petrobras, Chevron tout deepwater oil field

Petrobras, Chevron tout deepwater oil field

M&A Equity Corporate & Sovereign Strategy Energy Gas Regulation Brazil US

Brazil's Petrobras and US energy company Chevron have initiated the sale of their stakes in the Papa-Terra deepwater oil field in the Campos Basin. Petrobras, which operates the field with a 62.5% stake, has hired Crédit Agricole as financial adviser on the sale and set a deadline of March 13 for prospective bidders to express interest in Papa-Terra. Technical bidders must have experience as operators of offshore oil fields to qualify, while their financial partners must have at least $1 billion

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