Petrobras Signs Contracts for Sale of Onshore Fields in Potiguar Basin

Source: www.gulfoilandgas.com 9/30/2019, Location: South America

Petrobras signed with the company Central Resources do Brasil Producao de Petroleo Ltda., Contracts for the sale of its entire stake in the Ponta do Mel and Redonda land fields, located in the state of Rio Grande do Norte. The sale amount is US $ 7.2 million, to be paid in full at the close of the transaction, not including any adjustments due.

Oil production from the Ponta do Mel and Redonda fields in the first half of 2019 totaled about 540 bbl / day. The findings of these fields in 1984 and 1987 were the result of risk-clause oil exploration service contracts (the so-called “Risk Agreements”) currently held by Central Resources. Through these contracts, the contracting company explored the demarcated areas at its own risk and, due to the oil discoveries, acquired the right to receive from Petrobras a financial interest on the net result of the fields.

Closing of the transaction is subject to the fulfillment of conditions precedent, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The operation is in accordance with Petrobras' Divestment System and the provisions of the special procedure for assignment of exploration, development and production rights for oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355 / 2018.

The transaction is in line with portfolio optimization and improved capital allocation to create value for our shareholders.

Central Resources do Brasil Production of Petroleum Ltda. is an oil and gas operating company, linked to the Central Resources Group, focused on the redevelopment of mature terrestrial fields. Currently performs oil operations activities in Rio Grande do Norte and Espirito Santo.

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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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