Petrobras Signs Contract to Sell Onshore Fields in the Miranga Cluster in Bahia

Written by Roberta Souza

Published on 24/02/2021 at 23:53

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The Signed Contract Between Petrobras and SPE Miranga Establishes the Sale of Its Participation in 9 Onshore Fields in Bahia

Petrobras informs that it signed today with SPE Miranga S.A., a wholly-owned subsidiary of PetroRecôncavo S.A., a contract for the sale of its entire participation in nine onshore exploration and production fields, known as Polo Miranga, located in the state of Bahia. The total sale amount is US$ 220.1 million.

The payment distribution will be as follows: US$ 11 million paid on this date; US$ 44 million at the closing of the transaction; US$ 80.1 million deferred in three installments over three years from the closing of the transaction and up to US$ 85 million in contingent payments related to future oil prices.

This operation aligns with the company’s portfolio optimization strategy and improvement of capital allocation, increasingly concentrating its resources on world-class assets in deep and ultra-deep waters, where Petrobras has shown a significant competitive advantage over the years.

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“With this operation, we continue to focus on maximizing the value of our portfolio and also open up opportunities for other companies in the sector to thrive as well. We believe that Polo Miranga can develop, receiving new resources and increasing its lifespan, with a positive impact on job creation and income for the region,” highlights the Director of Institutional Relations and Sustainability at Petrobras, Roberto Ardenghy.

Polo Miranga

The Polo includes the onshore fields of Miranga, Fazenda Onça, Riacho São Pedro, Jacuípe, Rio Pipiri, Biriba, Miranga Norte, Apraiús, and Sussuarana, located in the state of Bahia. Petrobras is the operator with 100% participation in these concessions. The average production of Polo Miranga in 2020 was approximately 899 barrels of oil per day (bpd) and 376.8 thousand m³/day of natural gas.

Petrobras Signs Contract to Sell Onshore Fields in the Miranga Cluster in Bahia

The Signed Contract Between Petrobras and SPE Miranga Establishes the Sale of Its Participation in 9 Onshore Fields in Bahia

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Polo Miranga

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Petrobras Signs Contract to Sell Onshore Fields in the Miranga Cluster in Bahia

The Signed Contract Between Petrobras and SPE Miranga Establishes the Sale of Its Participation in 9 Onshore Fields in Bahia

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