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The Onshore Field of Petrobras in Initial Sale Process, in the State of Rio Grande do Norte, Was Acquired in 2006 by the State-Owned Company in an ANP Auction
Petrobras issued a statement informing that in continuation of the announcement made on July 9, 2021, the state-owned company has started the initial binding phase regarding the sale, in conjunction with Sonangol Hidrocarbonetos Brasil, of the entirety of both companies’ interest in the onshore exploratory block (POT-T-794), belonging to the BT-POT-55A concession, located in the Potiguar Basin, in the state of Rio Grande do Norte. See also: For US$ 1.5 million, Petrobras Sells Its Interest in Onshore Field to Petrom in the Sergipe – Alagoas Basin
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The Company Already Has Possible Buyers for the Onshore Field
The potential qualified buyers for this phase will receive an invitation letter with instructions regarding the divestment process, including guidelines for conducting due diligence and submitting binding proposals. This announcement is in accordance with Petrobras’ internal regulations and the provisions of the special procedure for the assignment of exploration, development, and production rights for oil, natural gas, and other fluid hydrocarbons, as provided in Decree 9.355/2018.
Other Details of Petrobras’ 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 Auctions held by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Petrobras holds a 70% interest in the onshore field in the state of Rio Grande do Norte, while Sonangol, the operator of the concession, holds the remaining 30% interest. The consortium between Petrobras and Sonangol has drilled two wells in the onshore field, one of which is a gas discovery.
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In the issued statement, Petrobras also informs that this operation aligns with its portfolio optimization strategy, debt reduction, and improved 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.
Check Out This News: For US$ 300 Million, Petrobras Sells Its Interest in Onshore and Shallow Water Fields to Petro+, in the State of Alagoas
Petrobras informed in a note published to the market that it has signed a contract with Petromais Global Exploração e Produção S.A. (Petro+) for the assignment of its entire interest in a set of seven land (onshore) and shallow water concessions known as Polo Alagoas, located in the state of Alagoas. The agreement was made for a value of US$ 300 million.
The total sale value of Petrobras to Petro+ was US$ 300 million, consisting of: (a) US$ 60 million paid on this date; and (b) US$ 240 million to be paid upon closing the transaction. The amounts do not consider adjustments due until the closing of the transaction, which is subject to the fulfillment of certain precedent conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
According to the state-owned company, this announcement of the sale of the onshore and shallow water field complies with Petrobras’ internal regulations and the provisions of the special procedure for the assignment of exploration, development, and production rights for oil, natural gas, and other fluid hydrocarbons, as provided in Decree 9.355/2018.
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