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The 34 Petrobras Oil Fields Sold to PetroRecôncavo Are Located on Land in the Potiguar Basin in the State of Rio Grande do Norte
Petrobras announced on this Monday, December 9, the sale of 34 onshore oil fields in the Potiguar Basin, in Rio Grande do Norte, to the subsidiary of Petrorecôncavo S.A. Take the opportunity and apply for job openings to serve the Brazilian oil company in RN.
The company informed in a statement that the operation was completed with the payment of US$ 266 million to Petrobras, after all the precedent conditions and adjustments provided for in the contract were fulfilled.
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Additionally, there will be a payment of 61.5 million conditional on obtaining the extension of the concession period for 10 of the 34 concessions, Petrobras said, reminding that the agreement is aligned with the asset sales policy and focus on pre-salt production.
“We are happy to conclude this very important process for Petrobras’s divestment portfolio. These 34 fields in Rio Grande do Norte will boost the onshore exploration and production industry while Petrobras focuses on deep and ultra-deep waters, where it has a competitive advantage,” said Petrobras’s Executive Portfolio Management Director, Ana Paula Saraiva.
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About the RN Oil Fields
The 34 fields in the Riacho Forquilha Polo are located on land in the Potiguar Basin in the state of Rio Grande do Norte and produced an average of 5,800 barrels of oil equivalent per day (boe) in 2019.
All concessions are 100% Petrobras, except for the Cardeal and Colibri fields where Petrobras holds a 50% stake, with Partex Brasil Ltda. as the operator with a 50% stake, and the Sabiá da Mata and Sabiá Bico-de-Osso fields where Petrobras has a 70% stake, with Sonangol Hidrocarbonetos Internacional do Brasil Ltda. as the operator with a 30% stake.
Marcelo Magalhães, CEO of Petrorecôncavo, defined the acquisition as a milestone for the sector: “For Petrorecôncavo, the acquisition of the Riacho da Forquilha Polo is a historic moment (…) We are confident that it will be a success and will pave the way for other operators to come so we can resume investments in northeastern Brazil. It is good for Petrobras, good for the buyer, and good for Brazil,” he emphasized.
The extension of contracts and development plans need to be approved by the National Agency of Petroleum (ANP), which has already given the green light for the transfer of operations. Once the transfer of assets is completed, PetroRecôncavo will become the largest independent oil producer in the country with the deal.
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