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Petrobras Completes the Sale of Seven Onshore Fields

Source: www.gulfoilandgas.com 5/29/2020, Location: South America

Petrobras, following up on the release dated 08/09/2019, reports that it has completed the sale of its entire interest in seven onshore production fields, located in the Potiguar Basin, in the state of Rio Grande do Norte, to SPE 3R Petroleum S.A., a wholly owned subsidiary of 3R Petroleum e Participações S.A..

After fulfilling all of the previous conditions, the transaction was concluded with the payment of R$ 676.8 million to Petrobras, already with the adjustments provided for in the contract.

This transaction is aligned with the company's portfolio optimization and capital allocation improvement strategy, focusing its resources increasingly on deep and ultra-deep waters, where Petrobras has shown great competitive differential over the years.

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