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Petrobras Announced Yesterday That It Completed the Sale of Its 50% Stake in the Onshore Oil Field in the Sergipe-Alagoas Basin
In a statement published to the market last night, Petrobras informed that, continuing the announcement made on 08/05/2020, it completed today the sale of its 50% stake in the onshore oil field of Dó-Ré-Mi, located in the Sergipe-Alagoas Basin, in the state of Sergipe, to the company Centro-Oeste Óleo e Gás Ltda. See also: Petrobras Signs Contract with Keppel for the Construction of FPSO P-78 in the Santos Basin
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Sale of Petrobras’ Onshore Field to Centro-Oeste Óleo e Gás
After fulfilling all precedent conditions, the sale of Petrobras’ onshore oil field was completed for the amount of US$ 37.6 thousand, which had already been paid to the state company on the date of signing the purchase and sale agreement on August 5 of last year. This disclosure is in accordance with Petrobras’ internal regulations and the provisions of the special procedure for the assignment of rights for exploration, development, and production of oil, natural gas, and other fluid hydrocarbons, as provided in Decree 9,355/2018.
The sale of Petrobras’ onshore oil field in the Sergipe-Alagoas Basin is directly linked to the strategy of optimizing its portfolio, reducing debt, and improving the company’s capital allocation. Thus, Petrobras will increasingly focus its investments on world-class assets in deep and ultra-deep waters, where the state has demonstrated a significant competitive edge in recent years.
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The Onshore Field Located in the Sergipe-Alagoas Basin
The Dó-Ré-Mi field is part of the terrestrial concession BT-SEAL-13A, which is located south of the Carmópolis field in the Sergipe-Alagoas Basin in the state of Sergipe. Petrobras held a 50% stake in the Dó-Ré-Mi field, in partnership with Ubuntu Engenharia e Serviços Ltda., which is the operator and holds the remaining 50%. The Dó-Ré-Mi field has two discovery wells for gas reservoirs.
See Also: For US$ 1.5 Million, Petrobras Completes the Sale of Its Stake in Onshore Field to Petrom in the Sergipe-Alagoas Basin
Petrobras signed a contract on 05/10 for the sale of its 50% stake in the Rabo Branco onshore field, located in the Sergipe-Alagoas Basin in the state of Sergipe, to Petrom. The value of the onshore field was US$ 1.5 million, and from now on, the purchasing company will obtain all rights to the Rabo Branco onshore field.
Previously, Petrobras had already signed a brief contract for the sale of 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 in the contract, resulting in the termination of the purchase and sale agreement with Energizzi. In the contract with Petrom, the same conditions were established.
The closing of the transaction with 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 the ANP – National Agency of Petroleum, Natural Gas and Biofuels.
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