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The Company Will Hold the Operation of Some Oil and Gas Exploration Blocks in the Recôncavo Basin with the Acquisition of Maha Energy. PetroReconcavo’s Goal for the Coming Years is to Invest in Onshore Production in the National Market.
With an eye on future opportunities in the Brazilian onshore oil and gas market, PetroReconcavo announced last Tuesday (02/28) the completion of the acquisition of Maha Energy Brasil. The transaction had been announced at the end of 2022 and has now been successfully finalized between the parties. With the purchase, the independent oil company will operate the Tiê concession (100%) and exploratory blocks in the Recôncavo Basin.
PetroReconcavo Completes Acquisition of Maha Energy Brasil and Prepares for Investments in Oil and Gas Exploration in the National Market
The independent oil company PetroReconcavo is eyeing the onshore potential of the Brazilian market to become even bigger in the coming years.
In December 2022, it announced the start of the acquisition process for Maha Energy Brasil, a national oil and gas operator. Now, the exploration company has announced the completion of the transaction and the transfer of operations.
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With a value of US$ 138 million, the purchase will allow the oil company to operate in the exploration of the regions of Bahia and Sergipe.
It will now operate the Tiê concession (100%) and exploratory blocks in the Recôncavo Basin.
The transaction with Maha Energy also includes the acquisition of a 75% stake in the Tartaruga field, in the Sergipe-Alagoas Basin (Sergipe), in partnership with the state oil company Petrobras.
Thus, PetroReconcavo paves the way for a future of large projects in the Brazilian onshore market.
“The geographic position of the acquired assets will enable future integration with the Company’s operations, aiming to capture operational synergies and resource optimization, with production potential combined with our execution capacity. The new acquisition strengthens our expansion and consolidation plan in the Brazilian onshore,” stated PetroReconcavo’s CEO, Marcelo Magalhães.
Acquisition of Maha Energy is Just One of the Company’s Expansion Steps in Oil and Gas Onshore Exploration in the National Territory
The purchase of Maha Energy was a big step for PetroReconcavo in the exploration of oil and gas in the national onshore market, but it will not be the only one.
The company is mobilizing for strong investments in future campaigns, taking advantage of the high production potential of the Recôncavo Basin region.
It believes that the market for mature onshore fields will consolidate in the coming years and plans to follow this trend with planned investments in the purchase of assets from the private sector, outside of Petrobras’s divestment plan.
The president of PetroReconcavo, Marcelo Magalhães, stated last year that the company was mobilizing a team solely for prospecting opportunities in the national oil and gas market.
Thus, the acquisition of Maha Energy Brasil has consolidated as one of the independent oil company’s biggest bets for onshore exploration in Brazil. Now, PetroReconcavo will direct its investments toward becoming even bigger in the national market.
Learn More About PetroReconcavo
We are one of the leading independent operators focused on mature onshore fields in Brazil.
With a respected reputation among clients, regulatory agencies, suppliers, and collaborators, we have an experienced team composed of specialized professionals and founding shareholders with extensive experience in the sector.
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