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Brazil: Petrobras sells its stake in the Cherne and Bagre fields, located in shallow waters in the Campos Basin, to Perenco

18 Apr 2024

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Petrobras has sold its entire stake in the Cherne and Bagre fields, located in shallow waters in the Campos Basin, to Perenco Petróleo e Gás do Brasil Ltda (Perenco). Production from the two fields was interrupted in March 2020 and the respective platforms have been mothballed ever since.

The amount to be received by Petrobras from the transaction is US$ 10 million, of which US$ 1 million shall be paid on the date the contract is signed for the assignment of the assets and the remainder at the closing of the transaction, subject to the adjustments provided for in the contract.

The transfer of these fields to Perenco offers the prospect of production being resumed by the new operator, making it a more advantageous alternative for Petrobras compared to the option of decommissioning the facilities and relinquishment of the concessions to the ANP. At the same time, this transaction will allow Petrobras to direct its investments in the E&P segment towards assets that are more in line with the company's strategy, which involves, among other factors, the increasing decarbonization of operations.

There will be no loss or transfer of any Petrobras employees as a result of the transfer of the assets, since the majority of individuals associated to the assets have already been relocated to other company activities. The workforce required to maintain the mothballed assets until closing, will be subsequently integrated into other Petrobras operations after the asset transfer is completed.

Original announcement link

Source: Petrobras

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