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Brazilian oil and gas giant Petrobras has signed three purchase and sale agreements to sell assets worth a total of US$10,3 billion (about R$40 billion)
In 2019, considering signed and closed transactions, total asset sales are $11,3 billion, Petrobras said on Thursday (25), announcing the deals. CEO Roberto Castello Branco commented: “Today is an important day for Petrobras with the execution of three relevant transactions. Continuous portfolio management contributes to improving capital allocation, thus increasing the creation of value for our shareholders, in addition to enabling the reduction of debt and the company's cost of capital”.
The transactions include the sale of 90% of Petrobras' stake in Transportadora Associada de Gás SA (TAG) to the group formed by ENGIE and the Canadian fund Caisse de Dépôt et Placement du Québec (CDPQ).
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In addition, Petrobras sold a 50% interest in the Tartaruga Verde field (BM-C-36 Concession) and in Module III of the Espadarte field, both located in the deep waters of the Campos Basin, off the Brazilian coast, to Petronas.
Finally, the transactions include the sale of Petrobras' full stake in 34 onshore production fields in Rio Grande do Norte to Potiguar E&P SA, a subsidiary of Petrorecôncavo.
tag sale
The value of the transaction is approximately US$8,6 billion, considering contractually agreed adjustments, and will be paid on the closing date of the transaction. This amount includes the payment, by the buyer, of TAG debts with the BNDES of approximately US$800 million.
TAG operates in the natural gas transport sector, currently holding long-term authorizations to operate and manage a pipeline system of approximately 4.500 km in length and 74 million m3 / day of transport capacity, located mainly in the North, Northeast and Southeast Brazil. . Petrobras will continue to use the natural gas transport services provided by TAG, through contracts already in force between the two companies, without impacting its operations and the delivery of gas to distributors and other customers.
Tartaruga Verde and Module III of the Espadarte field
The value of this transaction is US$1,29 billion, to be paid in two installments. Approximately $258,7 million was paid immediately and $1,034 billion on the closing date of the transaction, subject to adjustments. Petrobras will retain a 50% stake and the operator of the fields.
The Tartaruga Verde field started operations on June 22, 2018, via FPSO Cidade de Campos dos Goytacazes and currently produces approximately 103 bpd of oil and 1,2 million m³ / day of gas.
In a separate statement on Friday, Petronas Malaysia said: “The acquisition of an equity interest in Tartaruga Verde and Module III of the Espadarte fields is an important milestone for Petronas as the company diversifies and expands its business portfolio. of oil in South America”.
Module III is an area of the Espadarte field to be developed in an integrated manner with the Tartaruga Verde field, with first oil expected in 2021.
Sale of 34 onshore production fields
The total value of the third transaction is $384,2 million. It will be paid in three installments: i) $28,8 million was paid on Thursday; ii) US$293,9 million at the closing date, subject to adjustments; and (iii) US$ 61,5 million as earn-out linked to the approval, by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), of the extension of the contractual term of 10 of the 34 concessions of the operation.
