Petrobras Has Already Earned R$ 2.1 Billion in the Last Seven Months from Divestment Program in Rio Grande do Norte

Petrobras Divestment – State-Owned Company Earned R$ 2.1 Billion in Recent Months from the Sale of Oil Fields in Rio Grande do Norte

Petrobras has already collected R$ 2.123 billion (about US$ 556 million) from the sale of onshore and shallow water fields in the Potiguar Basin, located in Rio Grande do Norte, in the last seven months. Based on the company’s divestment policy, 46 assets in RN were sold to the private sector between December 9, 2019 and July 16, 2020.

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In May of this year, Petrobras completed the total sale of its stake in seven onshore fields in the Macau Cluster to 3R Petroleum, which paid R$ 676.8 million for these assets to the state-owned company.

On July 11 of this month, the negotiation of three shallow water fields in the Pescada Cluster, also in Rio Grande do Norte, was made to OP Pescada Oil and Gas for R$ 7.98 million. On the last day of July 16, Petrobras also finalized the transfer of the Ponta do Mel and Redonda fields to Central Resources, receiving R$ 38.7 million.

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The largest deal was established in December 2019, when Petrobras sold 100% of its stake in 34 onshore fields in RN to Potiguar E&P S.A, a subsidiary of Petrorecôncavo S.A., raising about US$ 356 million (R$ 1.4 billion at the time’s exchange rate).

According to Petrobras, there are currently 27 onshore and offshore assets in Rio Grande do Norte, representing a 61.42% reduction over the number of concessions prior to the company’s divestment plan.

“The new concessionaires can give greater focus to the concessions, with a new management and investment approach, providing a boost to the local economy and increasing production,” the state-owned company said in a statement, justifying its portfolio optimization strategy to maintain its resources in deep and ultra-deep waters.

Petrobras revealed to Jornal Tribuna do Norte that negotiations are already underway for the sale of two more offshore assets in the state of RN; however, it chose not to disclose the locations.