In November of last year, Petrobras announced the transfer of its minority stake in the Tartaruga field. Credit: James Jones Jr/Shutterstock.

Brazilian state-controlled company Petrobras has begun the binding phase of selling its 25% minority stake in the exploration, development and production rights of oil and natural gas in the Tartaruga field, offshore Brazil.

Operated by oil and gas company SPE Tiêta, a subsidiary of Petrorecôncavo with a 75% interest, the field is in the shallow waters of the Sergipe-Alagoas Basin.

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Petrobras disclosed the transfer of the minority stake in the Tartaruga field in November last year.

Qualified buyers will be invited to partake in the due diligence process and submit binding proposals.

The sale process is being conducted in line with Petrobras’ divestment strategy and complies with Decree 9,355/2018, which governs special procedures for the assignment of exploration, development and production rights for oil and natural gas in Brazil.

The Tartaruga field is situated off the northern coast of Sergipe state, near the municipality of Pirambu.

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The oil and gas wells in the field have been directionally drilled from an onshore base.

Petrobras’ share from the Tartaruga field averaged around 41 barrels per day (bpd) of oil and 689 cubic metres per day of associated gas in 2024.

Petrobras’ stake transfer in the Tartaruga field will not affect its activities in Sergipe, says the company.

The company’s 2025–2029 Business Plan includes “significant” investments in Sergipe, such as contracting two Floating production storage and offloading units for the Sergipe Deep Waters area, each with a production capacity of 120,000bpd, and building a gas pipeline with a capacity of 18 million cubic metres per day.

In December 2024, the company awarded contracts worth 16.5bn reais ($2.8bn) to construct 12 platform supply vessels.