The nine onshore oil and gas fields in Bahia sold yesterday (06/12) by Petrobras went to a wholly owned subsidiary of PetroRecôncavo

Petrobras, informed last night (06/12) in a fact relevant to the market, that it finalized the sale of its entire stake in nine onshore exploration and production fields, jointly called Polo Miranga, located in the state of Bahia, to the SPE Miranga, wholly owned subsidiary of PetroRecôncavo (PetroRecôncavo).

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According to Petrobras, after fulfilling the conditions precedent, the operation was completed with the payment of US$ 47,7 million to Petrobras, already with the adjustments provided for in the contract.

The amount received at closing is added to the amount of US$ 11 million paid to Petrobras upon signing the sales contract. The company will still receive the following installments, subject to adjustments: (i) US$ 80,1 million to be paid in twelve, twenty-four and thirty-six months; and (ii) up to US$85 million of contingent payments related to future oil prices. 

It is worth mentioning that Petrobras continues to increasingly concentrate its resources on assets in deep and ultra-deep waters, where it has demonstrated a great competitive advantage over the years, producing better quality oil and with lower greenhouse gas emissions. 

About the onshore oil exploration and production fields in Bahia

The Complex comprises the onshore fields of Miranga, Fazenda Onça, Riacho São Pedro, Jacuípe, Rio Pipiri, Biriba, Miranga Norte, Apraiús and Sussuarana, located in the state of Bahia. Petrobras is the operator with a 100% stake in these concessions. The average production of Polo Miranga in 2021 was approximately 691 barrels of oil per day (bpd) and 362,3 thousand m³/day of natural gas.

About PetroRecôncavo

A PetroRecôncavo is a Brazilian oil and gas company, listed on the Novo Mercado of the Brazilian stock exchange – B3, which operates in the revitalization and increase in the recovery factor of mature onshore fields, and is currently one of the largest independent producers in the field.

The company acquired Petrobras' stake in the Riacho da Forquilha Pole in 2019. In 2020, it acquired a new exploratory block in the Potiguar Basin, and signed a purchase and sale agreement for Petrobras' stake in the Remanso Pole.