The contract signed between Petrobras and SPE Miranga signs the sale of its stake in 9 onshore fields in Bahia

Petrobras informs that it signed today with SPE Miranga SA, a wholly owned subsidiary of PetroRecôncavo SA, a contract for the sale of its entire stake in nine onshore exploration and production fields, called Polo Miranga, located in the state of Bahia. The total sale value is US$220,1 million.

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The distribution of the payment will be as follows: US$ 11 million paid on the present date; US$44 million upon closing of the transaction; US$80,1 million deferred in three installments over three years from the close of the transaction and up to US$85 million in contingent payments relating to future oil prices.

This operation is in line with the strategy of optimizing the company's portfolio and improving its capital allocation, starting to increasingly concentrate its resources on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated a great competitive edge over the course of of years.

“With this operation, we continue to focus on maximizing the value of our portfolio and also opening up opportunities for other companies in the sector to also prosper. We believe that Polo Miranga will be able to develop, receiving new resources and increasing its useful life, with a positive impact on the generation of jobs and income for the region”, highlights the Director of Institutional Relations and Sustainability at Petrobras, Roberto Ardenghy.

Polo Miranga

The Complex comprises 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 a 100% stake 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.