To Focus More on Deep and Ultra-Deep Water Assets, Brazilian Oil Giant Petrobras Sold Fourteen Onshore Exploration and Production Fields in Bahia for Over R$ 1.2 Billion

Written by Flavia Marinho

Published on 12/05/2022 at 11:48

Campo onfshore Petrobras / Imagem Petrobras

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More Divestments from Petrobras: The Oil Company Completed the Sale Yesterday Morning (11/05) of Fourteen Oil Fields in Bahia

Petrobras, continuing the announcement made on 12/17/2020, informed the Market in a Relevant Fact that it has completed the sale of its entire stake in fourteen onshore exploration and production fields, called Polo Recôncavo, located in the state of Bahia, to 3R Candeias, formerly known as Ouro Preto Energia Onshore, a wholly-owned subsidiary of 3R Petroleum.

According to Petrobras’s announcement, the total sale amount was US$ 256 million (approximately R$ 1.279 billion), having been paid (a) US$ 10 million upon signing the contract on 12/17/2020 and (b) US$ 246 million today, already accounting for the adjustments provided for in the contract.

Petrobras Continues to Focus Its Resources on Deep and Ultra-Deep Water Assets

This operation is aligned with the company’s portfolio management strategy and improvement of capital allocation, aiming to maximize value and provide greater returns to society. Petrobras continues to focus its resources on deep and ultra-deep water assets, where it has demonstrated a significant competitive edge over the years, with lower greenhouse gas emissions.

The Polo includes the onshore fields of Aratu, Ilha de Bimbarra, Mapele, Massui, Candeias, Cexis, Socorro, Dom João, Dom João Mar, Pariri, Socorro Extensão, São Domingos, Cambacica, and Guanambi, located in the state of Bahia.

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Petrobras is the operator with a 100% stake in these concessions, except for Cambacica and Guanambi, where it has a majority stake of 75% and 80%, respectively. The average production of the Polo Recôncavo from January to April 2022 was approximately 1,321.56 barrels of oil per day and 444.15 thousand m³/day of natural gas.

3R Candeias S.A. is a company focused on the redevelopment of mature and producing fields, a wholly-owned subsidiary of 3R Petroleum Óleo e Gás S.A., a company listed on the Novo Mercado of B3.

To Focus More on Deep and Ultra-Deep Water Assets, Brazilian Oil Giant Petrobras Sold Fourteen Onshore Exploration and Production Fields in Bahia for Over R$ 1.2 Billion

More Divestments from Petrobras: The Oil Company Completed the Sale Yesterday Morning (11/05) of Fourteen Oil Fields in Bahia

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To Focus More on Deep and Ultra-Deep Water Assets, Brazilian Oil Giant Petrobras Sold Fourteen Onshore Exploration and Production Fields in Bahia for Over R$ 1.2 Billion

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