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The oil companies Karoon and the Brazilian PetroRio confirmed their interest in acquiring Petrobras assets amid the pandemic and the oil crisis. The Brazilian oil company set a record and exported 1 million barrels in April, check the full article by clicking here.
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The oil companies publicly announced that they maintain interest in moving forward with the closing of deals, priced before the crisis, at a time when assets were more valuable.
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Petrobras has nine signed contracts that need to be finalized. In total, the operations amount to a value of US$ 2.75 billion, of which the state-owned company has already received US$ 159.5 million.
Of the nine, eight transactions involve exploration and production (E&P) assets, sensitive to oil prices.
If the sale of 30 percent of the Frade field (Campos Basin) to PetroRio and the Baúna field (Santos Basin) to Karoon is concluded, Petrobras will receive US$ 707.5 million.
Despite the Australian company announcing last week a series of cost-cutting measures due to the global crisis caused by the new coronavirus, the company “remains committed to working to complete the acquisition of Baúna.”
For Karoon, the asset is of “high quality,” with potential to add value for the company’s shareholders. However, according to the oil company, the completion of the deal depends on the authorization from the competent bodies – National Agency of Petroleum (ANP) and Ibama – and is still negotiating the final terms of financing with banks, based on oil prices that will determine the final loan value.
The contract signed between Karoon and Petrobras regarding the purchase of the asset was valued at US$ 665 million, of which the Australian company has already paid US$ 50 million.
The 30 percent of the Frade field belonging to Petrobras will cost PetroRio US$ 100 million.
Divestments by Petrobras
In the previous week, Petrobras President Roberto Castello Branco had already stated that the company’s divestment program might face some delays but remains “intact,” even in the face of the economic crisis.
Due to the crisis, Petrobras postponed some deadlines, such as in the case of the sale of refineries and Gaspetro. In contrast, the state-owned company opened the process to sell the remaining 10 percent of its stake in the Nova Transportadora do Sudeste (NTS) and its wind farms.
Due to the economic crisis caused by the new coronavirus pandemic, the ANP decided to postpone the deadline for divestments in onshore and shallow water fields until the end of 2020.
The decision applies to the sale of the Fazenda Belém, Sergipe Terra 2, Sergipe Terra 3, Miranga, Cricaré, Remanso, Rio Ventura, Recôncavo, Ceará Mar, Sergipe Terra 1, Rio Grande do Norte Mar, Merluza, Carapanaúba/Cupiúba, Garoupa, and Peroá/Cangoá hubs.
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