Petrobras Completes Sale Of Eight Oil Fields For $94.2 Million In Bahia To SPE Rio Ventura

Rio Ventura Hub Includes 8 Onshore Oil Fields Located in the State of Bahia, Where Petrobras Holds 100% Stake

Petrobras reported last night in a material fact that it has completed the sale of its entire stake in eight onshore oil fields (exploration and production), named Rio Ventura Hub, in the state of Bahia, to the wholly owned subsidiary of 3R Petroleum, SPE Rio Ventura. Last week 3R Petroleum purchased fields from Petrobras in the Potiguar Basin, in the state of Ceará

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According to Petrobras’ report, “the sale price is US$ 94.2 million, being (i) US$ 3.8 million paid on this date; (ii) US$ 31.2 million at the closing of the transaction; (iii) US$ 16 million to be paid within thirty months after the closing of the transaction; and (iv) US$ 43.2 million in contingent payments stipulated 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 of Petroleum, Natural Gas and Biofuels (ANP),” adds the state-owned company.

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About the Oil Fields Acquired by SPE Rio Ventura

The hub includes the onshore fields of Água Grande, Bonsucesso, Fazenda Alto das Pedras, Pedrinhas, Pojuca, Rio Pojuca, Tapiranga, and Tapiranga Norte, located in the municipalities of Catu, Mata de São João, Pojuca, and São Sebastião do Passé, in the state of Bahia, where Petrobras holds a 100% stake. The average production of the Rio Ventura Hub from January to June 2020 was approximately 1,050 barrels of oil per day and 33 thousand m³/day of natural gas.

Proquigel Takes Over Petrobras’ Nitrogen Fertilizer Plants in Bahia and Sergipe (Fafen) for Ten Years

The possession of the new facilities by Proquigel Química SA was celebrated on August 4, having leased the Nitrogen Fertilizer Plants in Sergipe and Bahia (Fafen) from Petrobras for 10 years. Another excellent piece of news for Bahia. The expectation is that the new company will generate jobs in Bahia and Sergipe as soon as it begins its operations at Petrobras’ leased plants, scheduled for March 2021.

About the Units

Fafen-BA is a nitrogen fertilizer unit with an installed production capacity of 1,300 t/day of urea, capable of marketing ammonia, carbon dioxide, and liquid automotive reductant (Arla 32). The Sergipe unit has an installed production capacity of 1,800 t/day of urea, capable of marketing ammonia, carbon dioxide, and ammonium sulfate (also used as a fertilizer).