Petroleira brasileira PetroRio, vende totalidade da sua participação do campo de gás natural Manati, na Bahia

Brazilian Oil Company PetroRio Sells Its Entire Stake in the Manati Natural Gas Field in Bahia

Written by Flavia Marinho

Published on 05/11/2020 at 11:58

Updated on 05/11/2020 at 12:16

Petroleira brasileira PetroRio, vende totalidade da sua participação do campo de gás natural Manati, na Bahia

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The Current Consortium of the Manati Gas Field is Comprised of Petrobras (35%, Operator), Enauta (45%), PetroRio (through Brasoil Manati, 10%) and Geopark (10%).

After announcing a net profit increase of 22% with oil production in the third quarter of 2020, the Brazilian oil company PetroRio reported today (11/05) the sale of its 10% participation in the Manati Field (natural gas field), located in Bahia, to Gas Bridge S.A. The transaction value is R$ 144 million.

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PetroRio will transfer all of its responsibilities in the field, including expenses when abandoning the field. The transaction, however, is subject to certain conditions. Gas Bridge, for example, must successfully acquire the operation of Manati from Petrobras.

The payment will be made to the Brazilian oil company in a fixed amount of R$ 124.4 million and an earn-out of R$ 20 million subject to regulatory approvals related to the field.

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PetroRio is Close to Taking Over 100% of the Frade Oil Field in the Campos Basin

The National Agency of Oil, Natural Gas and Biofuels (ANP) approved the transfer of 30% of Petrobras’s stake in the Frade field to PetroRio, which will hold 100% of the asset upon completion of the operation.

PetroRio has already submitted to the ANP all the documentation regarding the abandonment guarantee, a condition for the final approval of the operation by the Agency. After this final approval, PetroRio will become the operator of 100% of the oil field.

At the time, PetroRio purchased the 30% stake from Petrobras for US$ 100 million.

Brazilian Oil Company PetroRio Sells Its Entire Stake in the Manati Natural Gas Field in Bahia

The Current Consortium of the Manati Gas Field is Comprised of Petrobras (35%, Operator), Enauta (45%), PetroRio (through Brasoil Manati, 10%) and Geopark (10%).

Read Also

PetroRio is Close to Taking Over 100% of the Frade Oil Field in the Campos Basin

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Brazilian Oil Company PetroRio Sells Its Entire Stake in the Manati Natural Gas Field in Bahia

The Current Consortium of the Manati Gas Field is Comprised of Petrobras (35%, Operator), Enauta (45%), PetroRio (through Brasoil Manati, 10%) and Geopark (10%).

Read Also

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China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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