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Process Shows Azevedo & Travassos’ Growth In The Oil Market While Strengthening Relations With Brava Energia.
A Azevedo & Travassos, one of the leading Brazilian companies in the oil and gas sector, announced the expansion of its oil asset portfolio with the acquisition of 13 onshore production fields from Brava Energia.
The transaction, valued at US$ 15 million, includes fields located in the Potiguar Basin, specifically in the Porto Carão and Barrinha hubs.
The agreement is still subject to approval by the National Agency of Petroleum (ANP). Nevertheless, it already represents a strategic advance for the company, consolidating its presence in one of the highest oil-producing regions in Brazil.
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Strategic Expansion In The Oil Sector
The total transaction value is US$ 15 million, with an initial payment of US$ 600 thousand at contract signing.
The remaining amount will be paid in installments: US$ 2.9 million at closing, US$ 8 million in two payments over the next two years, and US$ 3.5 million over up to eight years, based on the production of the acquired fields.
The payment structure was designed to ensure flexibility for both Azevedo & Travassos and Brava Energia.
The Porto Carão hub, located near the municipality of Guamaré, has four producing fields: Porto Carão, Serraria, Lagoa Aroeira, and Carcará.
The Barrinha hub, located near Mossoró, has seven concession contracts, with nine production fields. Among them are Pintassilgo, Barrinha, Barrinha Leste, and Fazenda Canaan, among others.
These combined fields hold approximately 125 million barrels of oil in place. The average production is 253 barrels of oil equivalent per day (boe/d) in 2024.
Azevedo & Travassos Reinforces Its Consolidation Strategy In The Market
The acquisition of these assets positions Azevedo & Travassos as an even more relevant player in the oil market, especially in the Potiguar Basin.
In its statement, the company highlighted that the transaction will allow it to consolidate its position in a known and promising producing area.
The region’s geology is already widely explored and offers great prospects for increased production and continuity of operations in the near future.
Bernardo de Araújo, director of investor relations at Azevedo & Travassos, stated: “The transaction with Brava significantly expands ATP’s [Azevedo & Travassos Petróleo] position in the Potiguar Basin, in a producing area with known and highly promising geology, where the Company has been a pioneer for over 40 years. This position will strengthen ATP’s platform as a relevant player in the independent producers’ expansion and consolidation scenario in Brazil.”
The acquisition also brings new responsibilities for Azevedo & Travassos, including the obligation to take over the decommissioning process of the acquired fields, an estimated cost of approximately US$ 21 million.
The company will be responsible for all technical procedures necessary to shut down operations in the fields when this production cycle is completed.
Partnership With Brava Energia And The Brazilian Oil Market
With the oil sale contract during the transition phase between the two companies, Azevedo & Travassos will strengthen its relationship with Brava Energia.
All oil produced during this period will be sold to Brava’s refinery, and the generated value will be deducted from the final transaction.
This partnership further reinforces the strategic collaboration between the companies and facilitates the transition process of operations, with mutual benefits for both parties.
The Potiguar Basin, one of the main oil-producing regions in Brazil, continues to be a focus of investment for companies in the sector.
The potential for new fields and the continuity of production in existing ones are elements that attract major players in the market, both large corporations and independent companies.
With information from PetroNotícias.
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