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Brazil: Petrobras completes sale of 34 onshore fields in Rio Grande do Norte
10 Dec 2019
Petrobras, following up on the release disclosed on 04/25/2019, reports that it has completed the sale of its entire stake in 34 onshore production fields located in the Potiguar Basin, in the state of Rio Grande do Norte, to Potiguar E&P, a subsidiary of Petroreconcavo.
The transaction was completed with the payment of US$ 266 million to Petrobras after fulfilling all precedent conditions and adjustments set forth in the Contract. The company had already received US$ 28.8 million as a deposit on the signing date, on April 25, 2019. In addition, there will be apayment of US$ 61.5 million conditional on obtaining the extension of the concession term for 10 of the 34 concessions.
This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at generating value for our shareholders.
About the fields
The 34 fields are located onshore in the Potiguar Basin, in the state of Rio Grande do Norte and produced an average of 5.8 thousand bpd in 2019. All concessions are 100% owned by Petrobras, except for Cardeal and Colibri fields, where Petrobras holds a 50% stake, with Partex Brasil Ltda. as operator with a 50% stake, and Sabiá da Mata and Sabiá Bico-de-Osso fields where Petrobras holds a 70% stake,with Sonangol Hidrocarbonetos Internacional do Brasil Ltda. as operator with a 30% stake.
As previously announced, the fields included in this transaction are: Acauã (AC), Asa Branca (ASB), Baixa do Algodão (BAL), Boa Esperança (BE), Baixa do Juazeiro (BJZ), Brejinho (BR), Cachoeirinha (CAC), Cardeal (CDL), Colibri (CLB), Fazenda Curral (FC), Fazenda Junco (FJ), Fazenda Malaquias (FMQ), Jaçanã (JAN), Janduí (JD), Juazeiro (JZ), Lorena (LOR), Leste de Poço Xavier (LPX), Livramento (LV), Maçarico (MRC), Pardal (PAR), Patativa (PAT), Pajeú (PJ), Paturi (PTR), Poço Xavier (PX), Riacho da Forquilha (RFQ), Rio Mossoró (RMO), Sabiá (SAB), Sabiá Bico de Osso (SBO), Sabiá da Mata (SDM), Sibite (SIB), Três Marias (TM), Trinca Ferro (TRF), Upanema (UPN) and Varginha (VRG).