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Petrobras Completed the Sale of 10 Oil Fields in the Campos Basin to Trident Energy of Brazil, and Macaé Will Be the Biggest Beneficiary
Macaé will be the main beneficiary of the transfer of 10 contracts from Petrobras to Trident. Petrobras reported in a relevant fact that it completed yesterday (07/15) the sale of its entire stake in the ten fields that comprise the Pampo and Enchova Poles, located in shallow waters in the Campos Basin, in the state of Rio de Janeiro, to Trident Energy.
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Petrobras reported in a statement that the negotiation was concluded with a payment of US$ 365.4 million to the state-owned company, after meeting all precedent conditions and considering adjustments provided in the contract and other conditions subsequently agreed upon by the parties, and it anticipates the contingent payment of an additional amount of US$ 650 million, including US$ 200 million disclosed on 07/24/19.
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The amount received at the closing of the transaction regarding the 10 oil fields in the Campos Basin adds to the total of US$ 53.2 million paid to Petrobras upon signing the sale contracts, totaling US$ 418.6 million.
Ana Paula Saraiva, Executive Manager of Portfolio Management at Petrobras, stated that the Pampo and Enchova oil fields are of great importance to the company.
“At a challenging moment for the global economy and particularly for the oil and gas industry, we closed a significant negotiation from both a strategic and financial perspective. The money from the sale will help reduce Petrobras’s debt, and we take another step in the strategy of focusing resources on deep and ultra-deep waters, especially the pre-salt. We are not downsizing Petrobras; we are making it stronger and more resilient, focusing on what it does best”.
According to Carlos José Travassos, Executive Manager of Deep Waters at Petrobras, the negotiation prolongs the life cycle of the assets. “The divestment of the Pampo and Enchova oil fields is part of the portfolio management focused on the future of Petrobras. In addition to adding significant values to the company’s cash flow, this operation avoids decommissioning costs and prolongs the life cycle of those units through new investments, generating jobs and value for Brazilian society”.
In the opinion of Roberto Ardenghy, Executive Director of Institutional Relations at Petrobras, the announcement of the transfer of the operation of the Pampo and Enchova pole, in the Campos Basin, to an international operator is very important from several aspects.
“It shows that Brazil continues to be an attractive country for receiving international investments, with increased competitiveness and job generation. In terms of technology, for instance, the trend is to adopt techniques already applied in other countries, especially in shallow water and mature fields”.
According to Patrick Garo, General Manager of Trident Energy of Brazil, the company already has plans for the asset. “Trident Energy of Brazil already has more than 100 professionals and we expect to reach more than a thousand working directly or indirectly in our operations. Our plans are long-term, and we will make immediate investments to increase production”.
“This operation is aligned with the strategy of portfolio optimization and improved capital allocation of the company, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated a significant competitive advantage over the years”, said Petrobras in the statement.
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