Petrobras Initiates Sale Process for Onshore Field in Potiguar Basin, Rio Grande do Norte

The Onshore Field of Petrobras in the Sales Process, in the State of Rio Grande do Norte, Was Acquired in 2006 by the State-Owned Company

Last Friday, Petrobras announced that it has initiated the process to sell its stake in an onshore oil field in the Potiguar Basin, in the state of Rio Grande do Norte. The state-owned company holds 70% of the onshore exploratory block POT-T-794, part of the BT-POT-55 concession, with the remaining 30% stake belonging to Sonangol Hidrocarbonetos Brasil. See also: For US$ 300 million, Petrobras Sells Its Stake in Onshore and Shallow Water Fields to Petro+, in the State of Alagoas

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Other Details About the Onshore Field Located in the Potiguar Basin

The concession of the onshore field in the Potiguar Basin was acquired in 2006, during the 7th Round of Block Bidding held by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Petrobras holds a 70% stake in the onshore field in the state of Rio Grande do Norte, and Sonangol, the operator of the concession, holds the remaining 30% stake. The consortium between Petrobras and Sonangol drilled two wells in the onshore field, one being a gas discovery.

In the announcement released to the market on Friday, Petrobras also states that this operation is aligned with its portfolio optimization strategy, debt reduction, and improvement of capital allocation, increasingly concentrating its resources on world-class deep and ultra-deep water assets, where Petrobras has demonstrated a significant competitive advantage over the years.

Also Read: Recently, Petrobras Sold Its Stake in the Onshore Field to Petrom in the Sergipe – Alagoas Basin

On May 10, Petrobras signed a contract to sell its stake in the onshore Rabo Branco field, located in the Sergipe-Alagoas Basin, in the state of Sergipe, to Petrom. The state-owned company had a 50% stake and the value of the onshore field was US$ 1.5 million, and from now on, the purchasing company will obtain all rights over the Rabo Branco onshore field.

In a previous announcement, the state-owned company had already signed a brief agreement to sell the onshore field to Energizzi Energias do Brasil; however, Petrom, which holds the remaining 50% of the Rabo Branco field in the Sergipe-Alagoas Basin and is currently the operator of the field, exercised its right of first refusal as provided for in the contract, resulting in the termination of the purchase and sale agreement with Energizzi. In the celebration of the contract with Petrom, the same conditions were established.

The closing of the transaction for the sale of the onshore field to Petrom Produção de Petróleo e Gás is subject to the fulfillment of precedent conditions, such as approval by Cade – Administrative Council for Economic Defense and by ANP – National Agency of Petroleum, Natural Gas and Biofuels.