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Petrobras Completes Sale of 34 Onshore Fields in Rio Grande do Norte

Source: www.gulfoilandgas.com 12/9/2019, Location: South America

Petroleo Brasileiro S.A.- 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 S.A., a subsidiary of Petrorecôncavo S.A.

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 a payment 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 Sabia da Mata and Sabia Bico-de-Osso fields where Petrobras holds a 70% stake, with Sonangol Hidrocarbonetos Internacional do Brasil Ltda. as operator with a 30% stake.

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

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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