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The Transaction Is Aligned With Petrobras’ Business And Management Plan And The Transaction Between The Two Companies Amounted To US$ 795 Million Net, Finalizing The Collaboration Agreement Made In October
Petrobras informs that it has finalized the operation that resulted in the establishment of a joint venture (“JV”) with an 80% stake from Murphy Exploration & Production Company (“Murphy”) and 20% from its subsidiary Petrobras America Inc (“PAI”), with the contribution of all oil and natural gas production assets located in the Gulf of Mexico from both companies.
In the context of the joint venture, Petrobras America and Murphy also signed the Joint Venture Operating Agreement (LLC Agreement – “LLC”), the Master Service Agreement (“MSA”), and the Transition Service Agreement (“TSA”).
The conclusion of the transaction occurred with the net payment of US$ 795 million made by Murphy to PAI, after contractual adjustments. The agreement also provides for contingent payments of up to US$ 150 million and an investment commitment of up to US$ 50 million in costs for the development of the St. Malo field, to be made by Murphy.
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The transaction is aligned with Petrobras’ Business And Management Plan, which provides for ongoing portfolio management. In addition to the cash inflow, the formation of the JV with Murphy, a company recognized for its expertise in the industry, results in a final portfolio with a better risk-return relationship for the company.
Petrobras’ Business Plan Is The Best Since 2015
Petrobras presented to the Company’s Board of Directors, last Wednesday (11/28), its business plan for the next five years. Check here for more about the new projects and economic estimates of the state-owned company for the near future.
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