3R Petroleum Acquires 14 Onshore Oil Fields from Petrobras in Bahia

The Oil Company Ouro Preto Energia, a Subsidiary of 3R Petroleum, Acquired in Bahia for US$ 250 Million Plus 14 Onshore Oil Fields from Petrobras

Petrobras informed in a relevant fact last night (12/17) that it signed a contract with 3R Petroleum Oil and Gas S.A. for the sale of its entire stake in fourteen onshore oil exploration and production fields, known as the Recôncavo Cluster, located in the state of Bahia. To Encourage Onshore Field Exploration, the Government Will Offer Large Regional Blocks

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The Recôncavo Cluster has fields located in the municipalities of Candeias, Salvador, Santo Amaro, São Francisco do Conde, São Sebastião do Passé, and Simões Filho.

According to the state-owned company’s announcement, US$ 10 million will be paid at the contract signing date, while the remaining amount will be paid at the closing of the transaction.

Petrobras also informs that the values do not consider necessary adjustments and that the transaction closing is subject to fulfilling precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

For the Director of Institutional Relationships and Sustainability, Roberto Ardenghy, divestments are advantageous for the region where the asset is located. “Petrobras’ strategy is to divest to reduce our debt and focus on world-class assets. The concessions we are selling will produce even more under the management of the new companies. The new buyers will make the necessary investments to develop these areas, increasing production and consequently generating more tax revenue and more jobs for the local population,” said Ardenghy.

According to Ricardo Savini, CEO of 3R, the acquisition paves the way for the company to establish a significant operation in the Recôncavo Basin alongside the Rio Ventura Cluster. “The asset has great potential for increased recovery factor and reserve enhancement of oil and gas. We are increasing our presence in the state of Bahia,” said Ricardo.

About the Recôncavo Cluster – Petrobras – Bahia

The Cluster comprises the onshore fields of Aratu, Ilha de Bimbarra, Mapele, Massui, Candeias, Cexis, Socorro, Dom João, Dom João Mar, Pariri, Socorro Extensão, São Domingos, Cambacica, and Guanambi, located in the state of Bahia. Petrobras is the operator with 100% participation in these concessions, except for Cambacica and Guanambi, where it holds a majority stake of 75% and 80%, respectively. The average production of the Recôncavo Cluster from January to November 2020 was approximately 2,145 barrels of oil per day (bpd) and 465 thousand m³/day of natural gas.

This operation aligns with the company’s strategy of portfolio optimization and improving capital allocation, increasingly concentrating its resources in world-class deep and ultra-deep water assets, where Petrobras has demonstrated a significant competitive edge over the years.

Dispute in Urucu

The 3R Petroleum made the highest bid to purchase the Urucu Cluster in the Solimões Basin, with a proposal of around US$ 1 billion.

Eneva made the second-highest bid, of about US$ 600 million.

The bidding was ultimately canceled and restarted by Petrobras, which is again receiving proposals for the project in January.