Petrobras in talks to sell its Potiguar Cluster in Brazil to local firm 3R Petroleum Oleo e Gas for more than $1bn.

The assets considered for sale include the Potiguar Cluster comprising three sub‐clusters -Canto do Amaro, Alto do Rodrigues and Ubarana, as well as the Clara Camarão refinery.

Petrobras earlier said that sale would include access to oil and natural gas processing, refining, logistics, storage, transportation, and offloading infrastructure.

The firm said it received what it claims to be the best proposal from 3R Petroleum among other binding offers from potentially interested parties.

Petrobras noted it would sign the deal contingent on the results of the negotiations in addition to receipt of the required corporate approvals.

In June 2021, Reuters reported that 3R and private equity firm Seacrest Capital had offered to acquire Petrobras’ Potiguar assets.

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In a press statement, Petrobras said: “Petrobras commits to the broad transparency of divestment projects and portfolio management and informs that subsequent stages of the project will reinforce it in a timely manner.”

The Potiguar cluster includes a total of 23 onshore producing concessions and three offshore producing concessions located in located in the Potiguar Basin in the state of Rio Grande do Norte (RN).

The Ubarana sub-cluster concessions are contained in shallow waters, 10-22km off the coast of Guamaré-RN. The other concessions of the Canto do Amaro and Alto do Rodrigues sub-clusters are located on land.

From January to August 2020, the Potiguar cluster’s average production was around 23.2 thousand barrels of oil per day (bpd) and 108,000m³/day of natural gas.

The sale is a part of the firm’s efforts to divest non-core assets to reduce debt and shift focus on deepwater oil production, reported Reuters.