Petrobras finalized the sale of 10 oil fields in the Campos Basin to Trident Energy do Brasil and Macaé will be the biggest beneficiary

Macaé will be the main beneficiary of the transfer of 10 Petrobras contracts to Trident. Petrobras informed in a material fact that yesterday (15/07) it finalized the sale of its entire stake in the ten fields that make up the Pampo and Enchova Poles, located in shallow waters in the Campos Basin, in the state of Rio de Janeiro, to to Trident Energy.

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Petrobras informed in a press release that the negotiation was concluded with the payment of US$ 365,4 million to the state-owned company, after the fulfillment of all the precedent conditions, and considering adjustments foreseen in the contract and other conditions later agreed between the parties, and foresees the contingent payment of an additional amount of US$650 million, including US$200 million disclosed on 24/07/19.

The amount received at the closing of the transaction referring to the 10 oil fields in the Campos Basin, is added to the amount of US$ 53,2 million paid to Petrobras upon signing the sales contracts, totaling US$ 418 million.

Ana Paula Saraiva, Executive Manager of Portfolio Management at Petrobras, informed that the Pampo e Enchova oil field is of great importance to the company.

“At a challenging moment for the world economy and in particular for the oil and gas industry, we closed a relevant negotiation from a strategic and financial point of view. The proceeds from the sale will help reduce Petrobras' debt and we are taking another step in the strategy of focusing resources on deep and ultra-deep waters, in particular the pre-salt. We are not reducing Petrobras, we are making it stronger and more resilient, focused on what it knows how to do best”.

According to Carlos José Travassos, Executive Manager for Deep Water at Petrobras, the negotiation perpetuates the life cycle of the assets. “The divestment of the Pampo and Enchova oil fields takes place through portfolio management focused on the future of Petrobras. In addition to adding important amounts to the company's cash, this operation avoids decommissioning expenses and perpetuates 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 in several aspects.

“It shows that Brazil continues to be an attractive country for receiving international investments, with more competitiveness and job creation. Regarding technology, for example, the tendency is to adopt techniques already applied in other countries, especially in the area of ​​shallow waters and mature fields”.

According to Patrick Garo, General Manager of Trident Energy do Brasil, the company already have plans for the asset. “Trident Energy do Brasil already has more than 100 professionals and we hope to reach more than a thousand working directly or indirectly in our operations. Our plans are for the long term and we will make immediate investments to increase production”.

“This operation is in line with the portfolio optimization strategy and the improvement of the company's capital allocation, starting to increasingly concentrate its resources in deep and ultra-deep waters, where Petrobras has demonstrated a great competitive advantage over the years. ”, Petrobras said in the statement.