To Focus More on Deepwater and Ultra-Deepwater Assets, Brazilian Oil Giant Petrobras Divests Another Onshore Field in Sergipe

Petrobras Earns US$1.5 Million from the Sale of 50% of Its Stake in the Onshore Oil Field Located in the Sergipe Basin

The Brazilian oil giant Petrobras informed in a relevant fact this morning, October 11, that it finalized last Friday the sale of its 50% stake in the Rabo Branco onshore field, located in the Sergipe-Alagoas Basin in the State of Sergipe, to Petrom Produção de Petróleo e Gás Ltda (Petrom).

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According to the state company’s statement, the sale to Petrom resulted from the exercise of the company’s contractual right of first refusal. After meeting all prior conditions, the transaction was completed for the sale amount of US$ 1.5 million, which had already been fully deposited in a guarantee account for the benefit of Petrobras on the date of the signing of the purchase and sale agreement on 05/07/2021.

Onshore Oil Field Is Part of the BT-SEAL-13 Concession Located in the Sergipe-Alagoas Basin

The Rabo Branco onshore field is part of the BT-SEAL-13 concession, located south of the Carmópolis field, in the Sergipe-Alagoas Basin in the State of Sergipe. The average production of the field in 2020 was 131 bpd. Petrobras held a 50% stake, in partnership with Petrom.

This operation is aligned with the company’s strategy for portfolio optimization and improved capital allocation, focusing more and more on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated significant competitive advantages over the years.

Petrobras also states that this disclosure is in accordance with the company’s internal regulations and with the provisions of the special procedure for the assignment of rights for exploration, development, and production of oil, natural gas, and other fluid hydrocarbons, as provided for in Decree No. 9,355/2018.

About Petrom

Petrom is a special purpose company (SPE), established to manage the activities conducted in the Rabo Branco field, where it is the operator and now holds a 100% stake.