Petrobras Sells Stakes in 34 Onshore Fields in Rio Grande do Norte

Source: 11/28/2018, Location: South America

Petrobras announces that its Board of Directors approved yesterday the full sale of its stake in 34 onshore production fields, located in the Potiguar Basin, in Rio Grande do Norte state, to the company 3R Petroleum.

The assets
The 34 concessions are mature fields in production for over 40 years, with wide geographical dispersion, located about 40 km south of the city of Mossoro-RN. The fields are being sold in a single package called Polo Riacho da Forquilha, whose current production is approximately 6 thousand barrels of oil per day. Below is the list of the package:

Acaua (AC), Asa Branca (ASB), Baixa do Algodao (BAL), Boa Esperanca (BE), Baixa do Juazeiro (BJZ), Brejinho (BR), Cachoeirinha (CAC), Cardeal (CDL), Colibri (CLB), Fazenda Curral (FC), Fazenda Junco (FJ), Fazenda Malaquias (FMQ), Jacana (JAN), Jandu? (JD), Juazeiro (JZ), Lorena (LOR), Leste de Poco Xavier (LPX), Livramento (LV), Macarico (MRC), Pardal (PAR), Patativa (PAT), Pajeu (PJ), Paturi (PTR), Poco Xavier (PX), Riacho da Forquilha (RFQ), Rio Mossoro (RMO), Sabia (SAB), Sabia Bico de Osso (SBO), Sabia da Mata (SDM), Sibite (SIB), Tręs Marias (TM), Trinca Ferro (TRF), Upanema (UPN) and Varginha (VRG).

All concessions are 100% Petrobras except for the fields of Cardeal and Colibri, where Petrobras holds 50% stake alongside Partex as operator, which holds 50% interest; and the fields of Sabia da Mata and Sabia Bico-de-Osso, where Petrobras holds 70% stake alongside Sonangol as a partner and operator, holding 30% interest.

The Transaction
The value of the transaction is US$ 453,1 million, 7.5% of this amount (US$ 34 million) to be paid on the signing, scheduled for 07/12, and the remainder in the closing of the transaction, considering the adjustments due.

3R Petroleum will operate the assets from the closing of the transaction, which is subject to the signing of contracts, the fulfillment of the precedent conditions defined in the contract of purchase and sale, such as the approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and possible preference right.

This project was the result of a competitive process and is part of Petrobras’ Partnerships and Divestments Program, aligned to the 2018-2022 Business and Management Plan, which provides for continuous portfolio management and focus on investments in Brazilian deepwater.

The disclosure to the market herein is in compliance with Petrobras' divestment methodology and is aligned with the provisions of the special procedure for the sale of exploration, development and production of petroleum, natural gas and other fluid hydrocarbons rights, provided for in Decree 9.355/2018.

About 3R Petroleum
3R Petroleum is a Brazilian oil and gas company focused in Latin America. This will be the first operation of 3R Petroleum and the company meets the requirements to be a C Operator in Brazil according to ANP criteria.

In its staff, 3R Petroleum has executives with extensive experience in mature field operations and increased production and reserves in countries such as Venezuela, Argentina, Brazil, Peru, Ecuador and Bolivia. It also has, in its financial structuring, partnerships with large global companies, such as a world-class trading company, an international oil services company and an independent operator.

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

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