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The Sale of 22 Onshore Fields Located in the Potiguar Basin Is Part of Petrobras’ Plan to Lose Between US$ 15 Billion and US$ 25 Billion in Non-Essential Assets by 2026
Petrobras informed the market last Monday (01/31) that it signed a contract with 3R Potiguar, a wholly-owned subsidiary of 3R Petroleum Oil and Gas, for the sale of its entire participation (100%) in a set of 22 concessions for onshore oil production fields and shallow waters in the state of Rio Grande do Norte – RN, collectively referred to as the Potiguar Pole.
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According to Petrobras, the sale contract also includes the processing, refining, logistics, storage, transportation, and outflow infrastructures for oil and natural gas located in the Potiguar Basin.
The negotiation strengthens 3R as one of the largest independent producers in Latin America and one of the few private refinery operators in Brazil.
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Petrobras Earns US$ 1.38 Billion from the Sale of 22 Onshore Fields and Processing, Refining, Logistics, Storage, Transportation, and Outflow Infrastructure for Oil and Natural Gas Located in the Potiguar Basin.
In a statement, the Brazilian state oil company says that the total value of the sale of the 22 oil fields is US$ 1.38 billion, with US$ 110 million paid at present; US$ 1.04 billion upon closing of the transaction; and US$ 235 million to be paid in 4 annual installments of US$ 58.75 million, starting in March 2024. The amounts do not consider adjustments to be made until the closing of the transaction, which is subject to the fulfillment of precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
According to Rafael Chaves, Director of Institutional Relations and Sustainability at Petrobras, the conclusion of the deal strengthens the company’s strategy. “We are reallocating our investments according to our strategic plan, in assets such as deep and ultra-deep offshore oil fields located along the Brazilian coast. Everyone benefits from a stronger and more competitive industry. Petrobras received over R$ 7 billion to invest in wells on the equatorial margin and in deep waters in Sergipe. The Potiguar Pole continues to operate and receives investments from a new investor. A Brazil with more investors and more investments is a stronger Brazil.”
According to Ricardo Savini, CEO of 3R Petroleum, “this acquisition highlights 3R as one of the largest independent oil producers in Latin America, as well as providing the Company with a consolidated position in the Brazilian oil and gas market. The emergence and strengthening of players like 3R foster the development of the oil and gas industry, as well as stimulating the regional and national economies through various channels: taxes, investments, job and income generation, as well as boosting and consolidating the supply chain.”
3R, PetroRio, and Enauta Are the Main Drivers in an Acquisition Market Heated by Petrobras and European Oil Companies’ Decision to Focus on Pre-Salt Oil Exploration.
The Potiguar Clara Camarao refinery (RPCC), which 3R will take over, produced about 22,250 b/d of fuel, mainly LPG and fuel oil, in 2021, a decline of 23.5% from 2020, according to data from the petroleum regulator ANP. The upstream assets acquired by the company were responsible for about 20,600 b/d of oil and 58.1 million m³/d of natural gas in 2021.
3R and other Brazilian oil giants PetroRio and Enauta have emerged as the main drivers in an acquisition market heated by the Brazilian oil giant Petrobras and European oil companies’ decision to focus on pre-salt oil assets.
3R Potiguar S.A. is a company focused on redeveloping mature and producing oil fields, controlled by 3R Petroleum Oil and Gas S.A. (3R Petroleum), a company listed on the Novo Mercado of the Brazilian stock exchange.
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