Petrobras Considers Divesting Bahia Onshore Oil Assets Amid Cost Concerns

Petrobras is weighing the sale of its onshore oil and gas operations in Brazil’s northeastern state of Bahia, CEO Magda Chambriard said this week. The asset in question, known as the Polo Bahia Terra cluster, produces approximately 12,400 barrels of oil equivalent per day—output that pales in comparison to a single well in Brazil’s prolific offshore pre-salt region.

“Producing from Bahia Terra is expensive. When oil is $100 a barrel, it’s more viable than at $65,” Chambriard explained during a Brazil-China shipbuilding forum. “We haven’t yet decided what to do—whether to retain it, outsource operations, or divest the asset.”

The Bahia Terra cluster had previously been put up for sale in 2020, but the process was suspended after President Luiz Inacio Lula da Silva took office in 2023, bringing a shift in energy policy.

Despite these divestment considerations, Petrobras has recently taken steps to boost production in Bahia. Earlier this year, the company awarded R$707 million (about $122 million) in drilling contracts to local firms EBS Perfurações and Conterp. The multi-year agreements, running from September 2025 to June 2029, aim to expand onshore drilling activity. EBS will focus on wells up to 5,000 meters deep, while Conterp will target 4,000-meter wells.

The campaign is expected to generate around 530 direct and indirect jobs, with 65% of activities relying on Brazilian-sourced materials and services—underscoring Petrobras’ ongoing support for local industry.

Still, with pre-salt wells offering far higher productivity at lower per-barrel costs, Petrobras may ultimately choose to exit its lower-margin onshore assets in favor of deepwater investments. A decision on the future of Bahia Terra is expected in the coming months.