(Bloomberg) – PRIO SA, Brava Energia and BW Energy Ltd are considering buying Petroliam Nasional Berhad’s stake in the Brazilian oil field Tartaruga Verde to expand in Latin America’s largest producing country, according to people familiar with the matter.
The three companies are among those that have signed non-disclosure agreements as they weigh a possible bid, the people said, asking not to be identified discussing non-public information. The discussions are at an early stage and a deal may not happen, the people said.
Petronas last month announced interest in selling its 50% stake in the field. The Kuala Lumpur-based company was looking to get about $1 billion for the stake, people familiar said at the time.
See also: Petronas seeking $1 billion for Brazil oil field stake sale, sources say
Brava Energia is always looking at opportunities in the areas where it operates, but doesn’t comment on possible deals and acquisitions, it said in a response to questions.
PRIO declined to comment. BW Energy didn’t immediately respond to a request for comments. Petronas didn’t immediately respond to a message after business hours in Kuala Lumpur.
The three potential buyers have experience operating Brazilian offshore projects that they acquired from sellers including Petrobras, which still operates Tartaruga Verde with a 50% stake. The field produced about 35,000 barrels a day of oil in July, according to Brazil’s oil regulator ANP, which would help the smaller producers expand output.
Petronas bought the stake in the Tartaruga Verde oil field in 2019 as part of a bigger transaction with Petroleo Brasileiro SA, known as Petrobras. The field is in deep waters of the Campos basin in Rio de Janeiro state.
