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January 31, 2022

Petrobras approves sale of $1.3bn worth of assets to 3R Petroleum

The firm plans to sell three offshore concessions, and 19 onshore concessions, as well as the Clara Camarão refinery.

The board of Brazilian state-run oil company Petróleo Brasileiro (Petrobras) has approved the divestment of its 100% stake in the Potiguar cluster, to 3R Petroleum.

Located in the Potiguar basin, in the state of Rio Grande do Norte, the assets under the sale include a total of 22 oil and gas fields, three offshore concessions, and 19 onshore concessions.

The sale also includes the fields’ related infrastructure for processing, refining, logistics, storage, transportation, and outflow of natural gas and oil, as well as the Clara Camarão refinery, located in Guamaré/RN.

The refinery has an estimated production output of 39,600 barrels per day (bpd).

The sale is expected to value approximately $1.38bn.

Of the total consideration, 3R Petroleum’s wholly owned subsidiary 3R Potiguar will pay $110m on the date of signing the agreement with Petrobras.

Upon closing, the firm will make a $1.04bn payment to the Brazilian firm, and an additional $235m in four annual instalments.

In a press statement, Petrobras said: “The amounts do not consider adjustments due until the closing of the transaction, which is subject to compliance with precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).”

The sale process forms part of Petrobras’ portfolio optimisation strategy to enhance its capital allocation.

The sale is expected to help the company to focus more on its assets in deep and ultra-deep waters.

The Potiguar cluster comprises three sub-clusters, namely the Canto do Amaro, Alto do Rodrigues, and Ubarana.

The Ubarana sub-cluster concessions are located ten to 22km off the coast of Guamaré-RN while the Canto do Amaro and Alto do Rodrigues sub-clusters are located on land.

Last year, the Potiguar cluster’s average production was approximately 206,000 barrels of oil per day (bpd) and 581,000m³/day of natural gas.

In a separate announcement, Petrobras ended negotiations for the sale of the Urucu cluster in the Solimões basin, in the Brazilian state of Amazonas, with Eneva.

First started in February 2021, the negotiations between the firms were terminated without any penalties for either party. The Urucu cluster comprises seven onshore production concessions.

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