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Brazil: Petrobras announces sale of onshore fields in Bahia to 3R Petroleum

23 Aug 2020

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Petrobras, following up on the release disclosed on 08/26/2019, has signed with SPE Rio Ventura S.A., a wholly-owned subsidiary of 3R Petroleum e Participacoes S.A., a contract for the sale of its entire interest in eight E&P onshore fields, denominated Rio Ventura Cluster, located in the state of Bahia.

The sale amount is US$ 94.2 million, of which (i) US$ 3.8 million paid atthisdate; (ii) US$ 31.2 million at closing of the transaction; (iii) US$ 16 million will be paid in thirty months after closing of the transaction; and (iv) US$ 43.2 million in contract-based contingent payments. The amounts do not consider the adjustments due and are subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

This disclosure is in accordance with Petrobras' internal rules and with the provisions of the special procedure for assignment of rights on exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.

This transaction is in line with the strategy of portfolio optimization and improvement of the company's capital allocation, focusing its resources increasingly on deep and ultra-deep waters, where Petrobras has shown great competitive edge over the years.

About Rio Ventura Cluster

The cluster comprises the onshore fields of Água Grande, Bonsucesso, Fazenda Alto das Pedras, Pedrinhas, Pojuca, Rio Pojuca, Tapiranga and Tapiranga Norte, located in the municipalities of Catu, Mata de São João, Pojuca and São Sebastião do Passé, in the state of Bahia, where Petrobras holds 100% interest. The average production of Rio Ventura Cluster from January to June 2020 was approx. 1,050 barrels of oil per day (bpd) and 33,000 m3/day of natural gas.

Original article link

Source: Petrobras

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