Petróleo Brasileiro (Petrobras) has launched the non-binding phase for the sale of its exploration and production (E&P) assets in the US Gulf of Mexico.

The Brazilian national oil company, through its subsidiary Petrobras America, has a 20% stake in MP Gulf of Mexico (MPGoM), which has interests in 14 offshore fields in the region. MPGoM has participation as an operator or non-operator in the offshore fields.

The remaining 80% in MPGoM is held by Murphy Exploration & Production.

Petrobras and Murphy Exploration & Production created the MPGoM joint venture (JV) in late 2018. The JV was formed through the contribution of all the producing oil and natural gas assets in the Gulf of Mexico of the two firms.

Petrobras’ share of production from the offshore fields in 2021 was 10,400 barrels per day (bpd) of oil equivalent.

The Brazilian firm said that the sale of the Gulf of Mexico assets is in line with its portfolio management strategy and the enhanced allocation of its capital to maximise value and better return to society.

Petrobras stated: “Potential buyers qualified for this phase will receive a process letter containing detailed information about the aforementioned company, in addition to instructions on the divestment process, including guidelines for the preparation and submission of non-binding proposals.”

In another development, Petrobras and its subsidiary Petrobras Gás (Gaspetro) have completed the previously announced exit from Companhia Maranhense de Gás (Gasmar). Petrobras had a stake of 23.5% in Gasmar, which is a mixed economy company.

The stake was sold to Termogas for a price of BRL56.9m ($11m).

Gasmar provides distribution and sales services for piped natural gas in the State of Maranhão in Brazil.