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Brazil: Petrobras signs contract for sale of onshore fields in Bahia

20 Dec 2020

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Petrobras, following up on the release dated 09/06/2019, has signed with Ouro Preto Energia Onshore, a wholly owned subsidiary of 3R Petroleum Óleo e Gás, a contract for the sale all of its stakes in fourteen onshore exploration and production fields, called Recôncavo Cluster, located in the state of Bahia.

The sale value is US$ 250 million, being (i) US$ 10 million paid today; and (ii) US$ 240 million at the closing of the transaction. The amounts do not take into account the adjustments due and the closing of the transaction is 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 of assignment of exploration rights, development and production of oil, natural gas and other fluid hydrocarbons, provided in Decree 9.355/2018.

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

About Recôncavo Cluster

The Cluster comprises the onshore fields of Aratu, Ilha de Bimbarra, Mapele, Massui, Candeias, Cexis, Socorro, Dom João, Dom João Mar, Pariri, Socorro Extensão, São Domingos, Cambacica and Guanambi, located in the state of Bahia. Petrobras is the operator with 100% interest in these concessions, with the exception of Cambacica and Guanambi, in which it holds a majority interest of 75% and 80%, respectively. The average production of the Recôncavo Cluster from January to November 2020 was approx. 2,145 barrels of oil per day (bpd) and 465 thousand m3/day of natural gas.

Original article link quick copy

Source: Petrobras

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