Petrobras Weighs Sale of Bahia Terra Fields Amid Lower Oil Prices

Petróleo Brasileiro SA is reassessing the future of its Bahia Terra onshore fields and may revive plans to divest the asset, Chief Executive Officer Magda Chambriard said on Saturday. The cluster, located in Brazil’s northeastern state of Bahia, produces about 12,400 barrels of oil a day but is proving costly compared with the company’s deep-water pre-salt wells, some of which yield up to 80,000 barrels a day each. Chambriard noted that the site is commercially attractive only with oil at around US$100 a barrel; benchmark crude is currently near US$60. The low price environment has prompted management to study options that include a sale, though no final decision has been made. Bahia Terra had previously been offered to a consortium led by Petrorecôncavo and Eneva, but the transaction was halted in 2023 under the prior administration. A renewed divestment could realign Petrobras’s portfolio toward higher-margin offshore projects while marking a policy shift from the company’s recent focus on domestic asset retention.