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The Transaction Involves the Sharing of Natural Gas Processing Units and Associated Infrastructure at the Industrial Asset of Guamare, Strengthening the Operations of Both Companies in the Potiguar Basin.
Petrorecôncavo and Brava Energia (through its subsidiary 3R Potiguar) signed a purchase and sale agreement for the sharing of natural gas processing assets in Rio Grande do Norte. The agreement, worth a total of US$ 65 million, establishes Petrorecôncavo’s acquisition of a 50% stake in important midstream infrastructure.
Details of the Partnership Between Petrorecôncavo and Brava Energia
Petrorecôncavo signed the agreement to acquire a 50% stake in natural gas assets of Brava Energia. The negotiated infrastructure is located in the state of Rio Grande do Norte.
The agreement covers two natural gas processing units (UPGNs). Each has a capacity to process 1.5 million cubic meters (m³) per day. Currently, UPNB III is in operation, while UPNB II is hibernated. In addition to the UPGNs, the transaction includes liquefied petroleum gas (LPG) storage spheres and the pipeline connecting Brava’s producing fields to the Industrial Asset of Guamare (IAG).
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Financial Structure and Payment Schedule
The total value of the transaction is US$ 65 million. Payment will be made in installments.
The disbursement schedule was defined as follows:
- 10% paid on June 5, 2025, on the date of signing.
- 25% to be paid within 10 business days after approval by CADE.
- 50% at the closing of the transaction, subject to the fulfillment of conditions.
- 15% remaining will be paid in installments after the completion of the property transfer.
Petrorecôncavo stated that it is evaluating the hiring of new financing to cover up to 100% of the agreement value with Brava Energia.
The Joint Operation Between Brava Energia and Petrorecôncavo
The agreement provides for the creation of an operations committee. This committee will have members from Brava Energia and Petrorecôncavo. Brava will act as the operator of the consortium. The body will define the principles of budgeting, cost, and efficiency for the operation.
The entire process will be regulated by a joint operating agreement (JOA), which will come into effect at the closing of the deal. The utilities and services of the Industrial Asset of Guamare that support the UPGNs will also be shared.
Long-Term Natural Gas Purchase and Sale Commitment
The partnership includes a long-term gas purchase commitment. Under this agreement, Brava Energia will purchase natural gas supplied by Petrorecôncavo. The agreed volumes are 75,000 m³/day starting July 1, 2025, increasing to 150,000 m³/day from 2026 to 2030, and returning to 75,000 m³/day in the first half of 2031.
History of the Agreement in the Potiguar Basin
This contract is the evolution of a binding partnership agreement signed in December 2024. It also builds on a previous memorandum of understanding signed between PetroReconcavo and 3R Petroleum (which merged with Enauta to form Brava Energia) to negotiate the sharing of infrastructure in the Potiguar Basin.
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