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Petrobras Concludes the Sale of Shallow Water Fields

Source: 7/15/2020, Location: South America

Petrobras has completed the sale of its entire stake in the ten fields that comprise the Pampo and Enchova Clusters, located in shallow water in the Campos Basin in the state of Rio de Janeiro, to Trident Energy do Brasil, a subsidiary of Trident Energy L.P.

The transaction was concluded with the payment of US$365.4 million to Petrobras, after all of the previous conditions had been met, and considering adjustments provided for in the contract and other conditions subsequently agreed between the parties, and provides for contingent payment of an additional amount of US$650 million, including US$200 million disclosed on 07/24/2019. The amount received at the closing of the transaction is added to the amount of US$53.2 million paid to Petrobras at the signing of the salesagreement, totaling US$418.6 million.

This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.

About the fields

The so-called Pampo and Enchova Clusters are located in the Campos Basin, on the coast of Rio de Janeiro, and include the fields of Enchova, Enchova Oeste, Marimbá, Piraúna, Bicudo, Bonito, Pampo, Trilha, Linguado and Badejo. The total oil and gas production of these fields, from April to June 2020, was around 22 thousand barrels of oil equivalent per day, through platforms PPM-1, PCE-1, P-8 and P-65. With this transaction, Trident will become the operator of these concessions with 100% stake in them.

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