3R Petroleum Acquires Additional Stake in Sanhaçu Field in Potiguar Basin, Rio Grande do Norte

Written by Roberta Souza

Published on 23/12/2021 at 12:12

Foto: reprodução

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The Sanhaçu Field Is Located in the Potiguar Basin in Rio Grande do Norte. 3R Macau Operates in the Field That Is Part of the Macau Polo Since May 2020

3R Petroleum has completed the acquisition of the 50% stake held by Galp in the Sanhaçu Field, located in the Potiguar Basin in the state of Rio Grande do Norte. The transaction took place on December 21, 2021, through its wholly-owned subsidiary 3R Macau, after approval from the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the Administrative Council for Economic Defense (CADE).

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The Sanhaçu Field is part of the Macau Polo, whose operation has been conducted by 3R Macau since May 2020. With the transaction completed, 3R Macau now fully holds the concession rights for all fields that are part of the Macau Polo: Lagoa Aroeira, Macau, Porto Carão, Salina Cristal, and Sanhaçu. The total transaction amount was US$ 6.0 million and does not include any potential adjustments.

Oil and Gas Production

The field has 5.3 million barrels of oil equivalent (boe) in proved 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 average daily production rate of the field was approximately 954 boe from January to September 2021, comprising 131 thousand m³ of natural gas and 130 barrels of oil.

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3R Petroleum asserts that the acquisition aligns with the company’s investment thesis, which is based on acquiring producing onshore and offshore assets, with the potential to increase production and reserves, generating synergies with the current portfolio and maintaining a competitive entry multiple per reserve.

3R also stated that the monetization of the field’s gas production will be impacted by the amendment of gas sale contracts in the Potiguar Basin, which will come into effect as of January 1, 2022.

About 3R Petroleum

3R Petroleum is a publicly traded Brazilian company specialized in oil and gas production. The business model of the company is based on building a portfolio of producing fields and investing in the revitalization of these fields.

“Focusing on the redevelopment of mature and producing fields, the Company brings together high technical expertise – to operate and increase production and reserves, safely and with quality – and financial structure – to develop complex projects. We create a value chain for society, the sector, and our shareholders,” the company states.

3R Petroleum Acquires Additional Stake in Sanhaçu Field in Potiguar Basin, Rio Grande do Norte

The Sanhaçu Field Is Located in the Potiguar Basin in Rio Grande do Norte. 3R Macau Operates in the Field That Is Part of the Macau Polo Since May 2020

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3R Petroleum Acquires Additional Stake in Sanhaçu Field in Potiguar Basin, Rio Grande do Norte

The Sanhaçu Field Is Located in the Potiguar Basin in Rio Grande do Norte. 3R Macau Operates in the Field That Is Part of the Macau Polo Since May 2020

Check Also:

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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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