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May 5, 2022

PetroReconcavo and Eneva offer $1.4bn for Petrobras’ Bahia-Terra cluster

If talks materialise, PetroReconvaco will receive a 60% operatorship stake in the cluster while Eneva will hold the remaining 40% stake.

Petrobras has received a joint bid, worth more than $1.4bn, for the Bahia-Terra cluster from Brazilian energy companies PetroReconcavo, and Eneva.

PetroReconvaco holds a 60% stake in the bid while the remaining 40% stake is owned by Eneva.

The Bahia Terra cluster includes 28 onshore production concessions in the state of Bahia. It also includes access to logistics, processing, storage, transportation, and outflow infrastructure for oil and natural gas.

In early 2021, the cluster’s average production rate stood at approximately 13,500 barrels of oil per day and 660,000 cubic metres per day of gas.

The cluster comprises collection and treatment stations, oil storage and transportation parks, gas and oil pipelines, and natural gas processing unit (NGPU) Catu, along with other infrastructure associated with the production process.

Petrobras has confirmed that it has invited PetroReconcavo and Eneva to the negotiation phase.

If the talks materialise, PetroReconvaco would operate the Bahia Terra cluster.

The effective deal is subject to Petrobras agreeing to the offer and regulatory clearances.  

Petrobras announced the sale of the 100%-owned Bahia-Terra cluster in November 2020.

In November 2021, Petrobras unveiled plans to invest $68bn from 2022 to 2026 to increase its crude oil production in the subsea pre-salt area.

Of the total planned investment, Petrobras intends to allocate 84% to oil and gas exploration and production, with a focus on assets in deep and ultradeep waters.

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