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February 2, 2021

Petrobras to divest stakes in oil fields offshore Brazil

Brazilian state-owned firm Petróleo Brasileiro (Petrobras) has signed a contract for the sale of its stakes in the two fields located in the Espírito Santo Basin offshore Brazil to OP Energia and DBO Energia for $55m.

By Umesh Ellichipuram

Brazilian state-owned firm Petróleo Brasileiro (Petrobras) has signed a contract for the sale of its stakes in the two fields located in the Espírito Santo Basin offshore Brazil to OP Energia and DBO Energia for $55m.

The deal includes the sale of Petrobras’ stakes in the Peroá and Cangoá fields, as well as concession BM-ES-21 (Malombe Discovery Evaluation Plan), jointly named Peroá Cluster.

A 50-50 joint venture will be formed by OP Energia and DBO Energia to acquire the Peroá Cluster. OP Energia will serve as the operator.

Under the deal, OP Energia and DBO Energia will pay $5m immediately while $7.5m will be paid to Petrobras at the closing of the transaction.

The remaining $42.5m will be made in contingent payments expected in the contract, related to factors such as future oil prices, commerciality declaration of Malombe, and term extension of concessions.

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

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“This operation is aligned with the strategy of portfolio optimisation and the improvement of the allocation of the company’s capital, concentrating increasingly its resources on world-class assets in deep and ultra-deep waters, where Petrobras has shown great competitive edge over the years.”

Petrobras owns a 100% stake in the Peroá and Cangoá fields, which reported average production of around 658,000 m³/day of non-associated gas in 2020.

Last year, Petrobras made hydrocarbons discovered in 1-BRSA-1376D-RJS (Naru) exploration well located in Block C-M-657, in the ultra-deep waters of the Campos basin offshore Brazil.

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