PetrĂ³leo Brasileiro (Petrobras) has initiated the sale of the Maromba oil field, located southeast in the Campos Basin in offshore Brazil.

While the Brazilian state-run oil company holds an operating stake of 70%, Chevron Brasil Petróleo holds the remainder 30% stake in the oil field.

The sale of 100% of the rights represents an opportunity to develop and monetize the Maromba Field in Concession BC-20A.

According to Petrobras, the Maromba oil field is a heavy oil discovery in shallow waters and it is in proximity to the producing oil fields of Papa-Terra and Peregrino.

The Maromba oil field was declared to be commercially feasible in December 2006 and the Maastrichtian reservoir is said to be economically attractive appraised by nine wells.

Petrobras has revealed that the development plan for the oil field is presently based on subsea completion and leased FPSO having a 60kbopd capacity.

First oil from the Maastrichtian horizon is likely to be feasible in two years time, stated the Brazilian state-run oil firm.

Petrobras has given a deadline of July 17 for interested parties to declare their interest to acquire the Maromba Field. It has stated that to participate in the bidding process for the field, a buyer has to be an offshore operator in Brazil or in other countries among other conditions.

The Brazilian oil firm’s announcement to sell Maromba oil field comes less than two months after putting up the Azulão field in Brazil for sale. The divestiture of the natural gas field in the Amazonas Basin is part of Petrobras’ sale strategy to raise about $21bn by 2018 end.

Petrobras holds 100% stake in the natural gas asset in Concession BA-3, located 290km of Manaus in the east direction.