Brazil’s Petrobras to start sale of two concessions in Potiguar Basin

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SAO PAULO — Brazil’s Petrobras said on Tuesday it has started the process of looking for bidders for a 40% stake in two exploration oil concessions in the Potiguar Basin’s deepwaters.

Petroleo Brasileiro SA, as the company is formally known, owns 100% of the concessions and will partner with an eventual buyer to continue as the operator in the oilfields after the sale.

The exploratory concessions, BM-POT-17 and POT-M-762, are located in the Equatorial Margin, off the coast of the northern state of Rio Grande do Norte.

The oil giant added it plans to drill two exploratory wells in the area in the next couple of years.

(Reporting by Peter Frontini and Carolina Pulice Editing by Anthony Esposito and Matthew Lewis)

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