The Sanhaçu field is located in the Potiguar Basin, in Rio Grande do Norte. 3R Macau has been operating the field, which is part of Polo Macau, since May 2020

3R Petroleum has just acquired Galp's 50% stake in the Sanhaçu field, located in the Potiguar Basin, in the state of Rio Grande do Norte. The action was carried out on December 21, 2021, through its wholly-owned subsidiary 3R Macau, after approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP) and the Administrative Council for Economic Defense (CADE).

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The Sanhaçu field is part of Polo Macau, whose operation has been carried out by 3R Macau since May 2020. With the transaction completed, 3R Macau now fully obtains the concession rights for all fields that make up Polo Macau: Lagoa Aroeira , Macau, Porto Carão, Salina Cristal and Sanhaçu. The total amount negotiated was US$ 6,0 million and does not consider possible adjustments.

Oil and gas production

The field has 5,3 million barrels of oil equivalent (boe) in proven plus probable (2P) reserves certified by DeGolyer and MacNaughton in August 2020, of which 0,7 million barrels are oil and 4,6 million boe are natural gas. The field's average daily production rate was around 954 boe from January to September 2021, with 131 m³ of natural gas and 130 barrels of oil.

3R Petroleum states that the purchase is in line with the company's investment thesis, which is based on the acquisition of assets in onshore and offshore production, with potential to increase production and reserves, which generate synergies with the current portfolio and with multiple entrance by competitive booking.

3R also stated that the monetization of the field's gas production will be affected by the amendment of the gas sales contracts in the Potiguar Basin, which come into effect from January 1, 2022.

About 3R Petroleum

3R Petroleum is a publicly traded Brazilian company specializing in the production of oil and gas. The company's business model is based on building a portfolio of fields in production and making investments to revitalize these fields.

“Focused on the redevelopment of mature and producing fields, the Company brings together high technical expertise – to operate and increase production and reserves, with safety and quality – and financial structure – for the development of complex projects. We have created a value chain for society, the industry and our shareholders.”, declares the company.