Petrobras weighs options for Polo Bahia onshore fields, including sale, says CEO

By Rodrigo Viga Gaier

RIO DE JANEIRO, July 5 (Reuters) - Brazil's state-run oil firm Petrobras PETR4.SA is weighing options for its Polo Bahia onshore oil fields, including a potential sale, Chief Executive Magda Chambriard said on Saturday, adding that any decision will prioritize returns and shareholder interests.

The Polo Bahia hub, consisting of some 28 onshore fields, was previously listed for sale under former President Jair Bolsonaro's divestment strategy. President Luiz Inacio Lula da Silva pulled it off the market after he took office in 2023 and ended Bolsonaro's divestment strategy.

Chambriard said the current operation at the Polo Bahia produces very little oil but requires significant effort. Extracting from those onshore fields was more viable when oil prices were higher, at $90-$100 per barrel, than it is at the current $65 per barrel, she added.

"This is on our table and we haven't decided yet what we're going to do, whether to keep it with us, outsource the operation or transfer the asset. It's on the table, we're studying it and we're going to do what's best and most profitable for us and our shareholders," Chambriard said during the Strategic Forum for the Brazil-China Naval Industry in Rio de Janeiro.

Asked if the company could replicate this analysis for its Urucu operation in Amazonas state, Chambriard declined to comment on potential divestment plans, and said Urucu produces "the best oil, the most valued."

Also on Saturday, Brazilian and Chinese shipyards signed memorandums of understanding to foster technological and commercial collaborations, aligning with increased demand for Petrobras vessels.