Brazil Says Onshore Assets for Sale Produce under 2% of Output

Source: www.gulfoilandgas.com 3/4/2016, Location: South America

Petrobras, complementing the Material Fact published on March 2, 2016, hereby announces that the process of transfer of rights of the oil and natural gas exploration, development and production rights of the onshore fields involves 98 production concessions and 6 exploratory blocks, totaling 104 onshore concessions in the states of Ceara, Rio Grande do Norte, Sergipe, Bahia and Espirito Santo.

The fields were grouped into 10 production complexes, with integrated installations, in order to provide the new concessionaires with full operating conditions. They are:

- State of Ceara – Fazenda Belem Complex (2 concessions)
- State of Rio Grande do Norte – Riacho da Forquilha Complex (34 concessions) and Macau Complex (4 concessions)
- State of Sergipe – Siririzinho/Riachuelo Complex (12 concessions)
- State of Bahia – Buracica Complex (7 concessions) and Miranga Complex (9 concessions)
- State of Espirito Santo – Sao Mateus Complex (14 concessions); Fazenda Sao Jorge/Canca/Fazenda Cedro Complex (9 concessions); Lagoa Parda Complex (3 concessions) and Gas Complex (4 concessions), as well as 6 exploratory concessions.

Combined oil output from these assets is around 35,000 barrels per day, corresponding to less than 2% of the company’s total production.

The sale of these assets is part of Petrobras’ divestment strategy, whose goals and objectives are defined in the 2015-19 Business and Management Plan. In line with market practices, estimates of the amounts involved are considered to constitute strategic information and will therefore not be disclosed before the sale transaction is concluded.

It is worth emphasizing that the process will be a competitive one, in which companies selected in accordance with objective criteria will be invited to participate. Petrobras will then assess the terms and conditions of the proposals it receives.

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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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