Petrobras Finalizes Sale of 27 Oil Fields in ES to Karavan O&G and Seacrest Capital for 155 Million Dollars

Written by Flavia Marinho

Published on 28/08/2020 at 09:12

Updated on 28/08/2020 at 09:29

O Polo Cricaré no ES à venda pela Petrobras compreende 27 campos de petróleo terrestres, onde a estatal é operadora com 100% de participação nessas concessões.

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The Cricaré Pole in ES for Sale by Petrobras Includes 27 Onshore Oil Fields, Where the State Company is the Operator with 100% Participation in These Concessions.

After Petrobras announced that it has put up for sale 26 onshore and shallow water oil fields, along with the Clara Camarão Refinery in RN, the state company informed last night in a material fact that it signed with Karavan SPE the contract for the sale of its entire interest in 27 onshore exploration and production fields located in Espírito Santo.

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The 27 oil fields belong to the Cricaré Pole. Karavan O&G will hold 51%, while Seacrest Capital will hold the remaining 49%.

Petrobras informs that the sale value is US$ 155 million, being (a) US$ 11 million paid on this date; (b) US$ 26 million at the closing of the transaction; and (c) US$ 118 million in contingent payments provided for in the contract. The amounts do not consider the necessary adjustments, and the closing of the transaction is subject to the fulfillment of precedent conditions, such as approval by the National Agency for Oil, Natural Gas and Biofuels.

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“This operation is aligned with the strategy of portfolio optimization and improving the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated a significant competitive advantage over the years” informed Petrobras through a note.

The Cricaré Pole comprises 27 onshore concessions: Biguá, Cacimbas, Campo Grande, Córrego Cedro Norte, Córrego Cedro Norte Sul, Córrego Dourado, Córrego das Pedras, Fazenda Cedro, Fazenda Cedro Norte, Fazenda Queimadas, Fazenda São Jorge, Guriri, Inhambu, Jacutinga, Lagoa Bonita, Lagoa Suruaca, Mariricu, Mariricu Norte, Rio Itaúnas, Rio Preto, Rio Preto Oeste, Rio Preto Sul, Rio São Mateus, São Mateus, São Mateus Leste, Seriema, and Tabuiaiá, which are located in the state of Espírito Santo, in the municipalities of São Mateus, Jaguaré, Linhares, and Conceição da Barra.

Petrobras is the operator with 100% participation in these concessions. The average production of the Cricaré Pole from January to June 2020 was about 1,700 bpd of oil and 14,000 m3/day of gas.

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Last Monday, Petrobras announced that it has put up for sale 26 onshore and shallow water fields, in addition to the Clara Camarão Refinery. The areas produced an average of 26,000 bpd of oil and 221,000 m3/d of natural gas in 2019. Dubbed the Potiguar Pole, the divestment project was divided into three sub-poles.

Petrobras Finalizes Sale of 27 Oil Fields in ES to Karavan O&G and Seacrest Capital for 155 Million Dollars

The Cricaré Pole in ES for Sale by Petrobras Includes 27 Onshore Oil Fields, Where the State Company is the Operator with 100% Participation in These Concessions.

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Petrobras Finalizes Sale of 27 Oil Fields in ES to Karavan O&G and Seacrest Capital for 155 Million Dollars

The Cricaré Pole in ES for Sale by Petrobras Includes 27 Onshore Oil Fields, Where the State Company is the Operator with 100% Participation in These Concessions.

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