Petrobras Sells Group of Seven Fields to 3R Petroleum for US$191 Million

RIO DE JANEIRO, BRAZIL – Petrobras signed a US$191.1 million contract with SPE 3R Petroleum on Friday, August 9th, for the sale of its total stake in a set of seven onshore and offshore production fields, the Macau Potiguar Basin, in Rio Grande do Norte, the state-owned company said.

The Macau Complex includes the Aratum, Macau, Serra, Salina Cristal, Lagoa Aroeira, Porto Carão, and Sanhaçu fields, which together produce approximately 5,800 barrels of oil equivalent per day.

Petrobras holds a 100 percent stake in all concessions, with the exception of the Sanhaçu
concession, where it holds a fifty percent stake, while the remaining fifty percent is owned by Petrogal, controlled by Galp.

The sale will be paid in two installments, US$48 million upon signing the contract and US$143.1 million on closing the transaction, subject to ratification by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Petrobras said that 3R Petroleum is a Brazilian company operating in the redevelopment of mature onshore fields, and relies on the financial support of Starboard Funds, an alternative investment manager.

The deal is in line with the state-owned company’s broad divestment plan, which seeks to focus its activities on oil and gas exploration and production in deep waters.

FURTHER SALES

The company has begun the sale process of its stakes in 11 shallow water production fields in the Campos Basin, known as the Garoupa Pole, including the production and outflow facilities. The Garoupa Pole includes the Anequim, Bagre, Cherne, Congro, Corvina, Malhado, Namorado, Parati, Garoupa, Garoupinha, and Viola concessions.

Related coverage: Brazilian Oil and Gas Sector Research Sees Investment Increase by 66 Percent · Brazil Sees its Oil Production Shrink Over Three Months · Brazil's Petrobras to Invest US Billion in Rio Over the Next Five Years · Petrobras Reports Oil Leaks in Rio de Janeiro's Campos Basin

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