Petrobras Begins Sale of Five Oil Fields, Gas Pipelines, and Terminal in Espírito Santo

The Capixaba North Pole Comprises 5 Onshore Oil Fields Located in the State of Espírito Santo, Where Petrobras Holds 100% Ownership

On last Saturday (08/22), Petrobras initiated the sale of all its holdings in a set of five onshore oil fields with integrated facilities, collectively called the Capixaba North Pole, located in the state of Espírito Santo. Port Dispute: ES Government Proposes New Free Gas Market Law and Reduction of Bunker Fuel ICMS to Increase Port Activity in the State

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According to Petrobras’ report, the Capixaba North Pole comprises the fields of Cancã, Cancã East, Fazenda Alegre, Fazenda São Rafael, and Fazenda Santa Luzia, located in the municipalities of Linhares, Jaguaré, and São Mateus, in the state of Espírito Santo.

The set of five concessions has 269 wells in operation, three oil treatment stations, four satellite stations in the Fazenda Alegre field, and 73.81 km of gas and oil pipelines, in which the Capixaba North Terminal and all production facilities within the ring fence are also part of the pole, in addition to ownership of some land.

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According to Petrobras, in the first half of 2020, average production was 7,000 barrels of oil per day and 66,000 m3/day of gas. The state-owned company is the operator in these fields, holding 100% ownership.

“This operation is aligned with the strategy of optimizing the portfolio and improving the allocation of the company’s capital, becoming increasingly focused on deep and ultra-deep waters, where Petrobras has demonstrated a significant competitive edge over the years.”, said Petrobras in the market announcement.

You can check the teaser, which contains the main information about the opportunity on the Petrobras website.

Petrobras Completes Sale of Eight Oil Fields for $94.2 Million in the State of Bahia to SPE Rio Ventura

Petrobras announced in a relevant fact on Saturday (08/22) that it has completed the sale of all its interest in eight onshore oil fields (exploration and production), collectively called the Rio Ventura Pole, in the state of Bahia, to the wholly-owned subsidiary of 3R Petroleum, SPE Rio Ventura.

According to Petrobras’ report, “the sale price is $94.2 million, being (i) $3.8 million paid on the present date; (ii) $31.2 million at the closing of the transaction; (iii) $16 million to be paid in thirty months after the closing of the transaction; and (iv) $43.2 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 conditions precedent, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP),” the state-owned company added.