Petrobras Puts Another 28 Oil Fields Up For Sale in Bahia to Focus on Pre-Salt in the Southeast

More 28 Oil Fields Are Sold by Petrobras in Bahia, the Oil Company Says It Will Focus on the Pre-Salt in the Southeast Region

Petrobras informed yesterday (12/23) in a statement about the non-sale phase of its entire stake in 28 onshore oil fields, located in the Recôncavo and Tucano Basins, in different municipalities of the state of Bahia, collectively referred to as the Bahia Terra Pole. Another Billion-Dollar Divestment: Petrobras Finalizes Sale of Liquigás for 4 Billion Reais

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The 28 onshore fields for sale by Petrobras have integrated facilities. The company had initiated the divestment process last month, when it conducted the opportunity disclosure phase.

Petrobras reports that concessions corresponding to the Miranga Pole (referenced in the relevant fact of 08/28/2017) may be included in the Bahia Terra Pole divestment process, which will be disclosed in due course.

This operation aligns with the company’s portfolio optimization strategy and improvement of capital allocation, increasingly concentrating its resources on world-class deep and ultra-deepwater assets, where Petrobras has demonstrated a significant competitive advantage over the years.

The pole has about 1,700 active wells, in addition to collection and treatment stations, oil storage and handling parks, gas pipelines and oil pipelines, and other associated infrastructures, the company said, which operates the fields with 100% participation.

The assets had an average production of about 14,000 barrels of oil per day and 618,000 cubic meters of gas per day between January and November 2020.

More 12 Oil Fields Sold Yesterday by Petrobras

Petrobras announced yesterday (12/23) that it signed a billion-dollar contract with Petrorecôncavo involving its entire stake in 12 onshore oil exploration and production fields, called the Remanso Pole, located in the state of Bahia.

The onshore fields in Bahia were sold to Petrorecôncavo for US$ 30 million, of which Petrobras received US$ 4 million today, another US$ 21 million will be paid upon closing the transaction, and US$ 5 million a year after closing.

The Remanso Pole comprises the land fields of Brejinho, Canabrava, Cassarongongo, Fazenda Belém, Gomo, Mata de São João, Norte Fazenda Caruaçu, Remanso, Rio dos Ovos, Rio Subaúma, São Pedro, and Sesmaria, located in the state of Bahia. The average production from January to November was approximately 3,900 barrels of oil per day (bpd) and 75,000 m³/day of natural gas.