Acquisition of the Bijupira & Salema Fields & FPSO Fluminense

Source: www.gulfoilandgas.com 2/13/2015, Location: South America

PetroRio hereby gives additional information related to the acquisition of 80% of the rights and obligations of the concession contracts for the Bijupira and Salema Fields with Shell Brasil Petroeo Ltda. (“Shell”) and the FPSO Fluminense used in the production process of both fields.

The total acquisition price under the Agreements is US$150 million, subject to adjustment, payable in cash, being 20% of the acquisition price for the fields funded in part with cash on hand resulting from the first issuance of the Company’s convertible debentures which was completed in December 2014.

The balance of 80% of the acquisition price is payable at closing, upon satisfaction or waiver of all closing conditions, and may be funded through its existing standby credit facility provided by a syndicate of lenders led by Glencore Ltd., a subsidiary of Glencore PLC.

The completion of the purchase and sale transaction between PetroRio and Shell is subject to certain conditions precedent, including approval of the assignment of rights by Brazil’s Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The transaction is also subject to acceptance of TSX Venture exchange (TSX-V), where the the Global Depositaru Shares (“GDS”) of the Company are listed. Closing of the transaction may take several months, or may not occur at all.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects


Qatar >>  6/20/2022 - ConocoPhillips has been chosen by Qatar Energy as a partner in the North Field East (NFE) expansion project, the single largest project in the LNG ind...
Qatar >>  6/19/2022 - QatarEnergy has chosen Eni as a new international partner in the North Field East expansion project.

The Minister of State for Energy Affai...


Australia >>  6/16/2022 - Key Petroleum Limited attaches herewith an ASX Announcement containing an update on the sale of its remaining 50% interest in Production Licence L7 an...
Russia >>  6/16/2022 - Enel S.p.A. ("Enel") informs that the agreements related to the sale of its entire stake in the share capital of PJSC Enel Russia (“Enel Russia”) have...

United States >>  6/16/2022 - PCT LTD (“PCTL”), the parent holding company to Paradigm Convergence Technologies Corp., a company focused on acquiring, developing, and providing sus...
United States >>  6/16/2022 - Recurrent Energy, LLC ("Recurrent"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") announced the acquisition of two standalone e...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.