Petrobras Signed Agreement With Petrorecôncavo for Sale of 12 Onshore Fields in Bahia

The Sale of Onshore Fields in Bahia Was Agreed After Direct Negotiation With Petrorecôncavo Where Petrobras Will Focus Its Resources on Offshore Assets

Petrobras announced yesterday (12/23) that it has signed a billion-dollar contract with Petrorecôncavo involving the entirety of its participation in 12 onshore oil exploration and production fields, known as Polo Remanso, located in the state of Bahia. Another Billion-Dollar Divestment: Petrobras Finalizes the Sale of Liquigás for 4 Billion Reais

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The onshore fields in Bahia were sold to Petrorecôncavo for US$ 30 million, of which Petrobras received US$ 4 million today, another US$ 21 million will be paid upon closing of the transaction and US$ 5 million one year after closing.

According to the state-owned company report, the values do not consider due adjustments and the transaction closing is subject to the fulfillment of precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

According to Roberto Furian Ardenghy, Institutional Relationship and Sustainability Director at Petrobras, when a new company starts operating the assets, an investment process aimed at increasing their useful life begins. “These are fields still with good productivity, but small for the size and type of business of Petrobras. Certainly, production will increase, generating more tax payments and benefits for the region,” said Ardenghy.

For Marcelo Magalhães, CEO of PetroRecôncavo, the company’s decision to sell land fields in mature basins has been providing a new dynamism to onshore production, especially in the Northeast region. “We are already feeling the impacts such as increased investments in these areas. With the acquisition of these fields, we are committed to continuing to advance with more investments, training, and hiring local labor and services, extending the duration of the concessions and increasing the recovery factors of the fields.”

The Polo Remanso includes the land fields of Brejinho, Canabrava, Cassarongongo, Fazenda Belém, Gomo, Mata de São João, Norte Fazenda Caruaçu, Remanso, Rio dos Ovos, Rio Subaúma, São Pedro, and Sesmaria, located in the state of Bahia. The average production from January to November was approximately 3,900 barrels of oil per day (bpd) and 75,000 m³/day of natural gas.

Petrobras is the operator with 100% ownership in these concessions and Petrorecôncavo has been contracted by Petrobras since 2000 to provide production operations and project implementation services in most of the fields in this Polo.

With the closing of the transaction for the transfer of Petrobras’ participation in Polo Remanso, Petrorecôncavo becomes the concessionaire of the fields and the current service contract will be terminated.