Brazilian oil and natural gas exploration and development firm PetroRio has signed binding documents with Gas Bridge to sell its 10%interest in the Petrobras-operated Manati gas field located offshore Brazil.

According to PetroRio, the transaction is valued at R$144.4m ($25.25m).

It includes the transfer of all of the PetroRio’s liabilities in the field, ‘including its participation in the abandonment’.

The deal is, however, subject to approvals from the subsequent Field-related regulatory authorities.

The Manati field is located in the Camamu-Almada Basin, 65km from Salvador.

It is one of the largest non-associated gas producers in Brazil, providing about 30% of the gas demand for the country’s north-east.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The field includes facilities such as fixed production platform, gas compression station as well as a natural gas treatment plant, all connected by a 125km gas pipeline.

In a press statement, PetroRio stated: “This move is part of the company’s value generation strategy through dynamic management of its asset portfolio and reinforces PetroRio’s focus on operated assets that composes the core of its business.”

PetroRio noted that the effective date of the sale is 31 December 2020.

In February, PetroRio signed binding agreements to acquire floating production storage and offloading (FPSO) OSX-3 for $140m.