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July 15, 2021

Petrobras divests Rio Ventura cluster in Brazil to 3R Rio Ventura

The cluster produced 780 barrels of oil per day and 40,800m³/day of natural gas in the first half of 2021.

By Archana Rani

Petrobras has concluded the divestment of its stake in Rio Ventura cluster in the Brazilian state of Bahia to 3R Rio Ventura in a deal worth $96.9m.

The cluster consists of eight fields including Água Grande, Bonsucesso, Fazenda Alto das Pedras, Rio Pojuca, Tapiranga, Pedrinhas, Pojuca, and Tapiranga Norte.

The Brazilian firm said it has received $33.9m payment at the closing of the transaction, with $3.8m already received during the signing of the transaction.

3R Rio Ventura, a subsidiary of 3R Petroleum Óleo e Gás, is also due to pay $16m in 30 months to Petrobras, and a further $43.2m in contingent payments related to future oil prices.

The sale is a part of the firm’s strategy of portfolio optimisation and improve capital allocation.

The eight onshore fields are located in the cities of Catu, Mata de São João, Pojuca, and São Sebastião do Passé, in the state of Bahia.

In the first half of 2021, these fields reported average production of approximately 780 barrels of oil per day (bpd) and 40,800m³/day of natural gas.

Earlier this year, Petrobras agreed to sell its stakes in the two fields located in the Espírito Santo Basin offshore Brazil to OP Energia and DBO Energia for $55m.

Petrobras will sell its stakes in the Peroá and Cangoá fields, as well as concession BM-ES-21 (Malombe Discovery Evaluation Plan), jointly named Peroá Cluster.

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