Petrobras begins sale of block share in Colombia

Petrobras informed through a statement, on the night of last Tuesday (15), that began the binding phase for the sale of all its stake in the exploratory part of the Tayrona Block, in the Guajira Basin, northeast coast of Colombia.

The state-owned company announced that it will now seek to receive binding offers from any interested parties in the asset and that potential qualified buyers will receive invitation letters with instructions on disinvestment, including guidelines for due diligence and submission of firm proposals.

The Tayrona Block is located on the northeastern coast of Colombia. Petrobras holds a 44.44% stake in the concession, in consortium with Empresa Colombiana de Petróleo S.A( Ecopetrol), which holds the other 55.56% stake.

"The concession is in the Posterior Exploratory Program Phase 1 (PEP1) with remaining exploratory commitment to drilling a well, with the potential to prove significant volumes of gas (world class prospects) and establish position in a new frontier area. The area is similar to discoveries on the shores of the South Atlantic and the Caribbean," the state said.

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