Brazilian state-owned oil and gas company Petrobras has unveiled its plans to divest a 40% stake in two exploratory oil concessions, located in the Potiguar Basin deepwater.

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, Brazil.

The company acquired the blocks in the 7th Bidding Round of the Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP) in 2006, and its 15th Bidding Round in 2018.

Petrobras currently owns 100% of the concessions and is looking to offload 40% of oil and natural gas exploration, development and production rights in the Potiguar Basin assets.

In addition, the Brazilian oil and gas company plans to continue as the operator of the oil fields after the transaction.

Petrobras, in its statement, said: “This disclosure is in accordance with Petrobras’ internal rules and with the provisions of the special procedure for assignment of rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

“The search for partnership in these assets is aligned with the portfolio management strategy and the improvement of the company’s capital allocation, aiming at the maximization of value and greater return to society.”

Petrobras has released a teaser, with crucial information about the opportunity, along with the eligibility criteria for the selection of potential participants.

The company plans to drill two exploratory wells in the Potiguar Basin assets in the next two years.

It is conducting the Discovery Assessment Plan for the Pitu well in the POT-M-853 and POT-M-855 blocks and will drill an exploratory well, dubbed Pitu Oeste well, in 2023.

In addition, the oil and gas company plans to drill the Anhangá well (Anhangá Exploratory Opportunity), in the POT-M-762 block, between 2023 and 2024.