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The Thirty-Four Onshore Wells Auctioned By PetroRecôncavo To Petrobras Are Located Around The City Of Mossoró, In Rio Grande Do Norte.
PetroRecôncavo closed a deal with Petrobras and will pay US$ 384 million for 34 fields owned by Petrobras in the Mossoró region, thus the company’s divestment plans are going full steam ahead.
The deal had several delays due to the unsuccessful attempts of three bidding rounds that resulted in the disqualification of 3R Petroleum, and was closed with PetroRecôncavo for a value US$ 68 million lower than the offer from 3R Petroleum.
Petrobras announced that the amounts will be paid in two installments, with U$ 293.9 million on the closing date and US$ 61.5 million as earn-out contingent upon the approval (by ANP) of the extension of the contractual term for 10 of the 34 concessions that were negotiated.
The 34 onshore fields are located in the Riacho da Forquilha Polo, in the Potiguar Basin, around the city of Mossoró, in Rio Grande do Norte.
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The deal involves an extensive list of wells that includes the fields of Acauã, Asa Branca, Baixa do Algodão, Boa Esperança, Baixa do Juazeiro, Brejinho, Cachoeirinha, Cardeal, Colibri, Fazenda Curral, Fazenda Junco, Fazenda Malaquias, Jaçanã, Janduí, Juazeiro, Lorena, Leste de Poço Xavier, Livramento, Maçarico, Pardal, Patativa, Pajeú, Paturi, Poço Xavier, Riacho da Forquilha, Rio Mossoró, Sabiá, Sabiá Bico de Osso, Sabiá da Mata, Sibite, Três Marias, Trinca Ferro, Upanema, and Varginha.
All onshore wells were fully owned by Petrobras, except Cardeal and Colibri, where Partex holds 50% and operates the fields, and Sabiá da Mata and Sabiá Bico-de-Osso where Sonangol has 30% and is the operator.
This bidding round in which Petrobras anticipated divesting the Riacho da Forquilha assets was launched in August 2017, and in November 2018 the company announced the sale to 3R Petroleum.
However, the deal did not proceed due to the company’s disqualification, and a new bidding process was opened.
The fields negotiated with PetroRecôncavo currently produce about 6,000 barrels of oil per day.
ANP’s Interference In Onshore Fields
Recently, ANP canceled Petrobras’ concession contracts regarding the fields of Lagoa Branca, Barra do Ipiranga, Rio Barra Seca, Rio Itaúnas Leste, Rio São Mateus Oeste, Mariricu Oeste, Jacupemba, and Nativo Oeste, due to lack of investments by the company in them.
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