PetroReconcavo Completes Acquisition of Maha Energy Brazil for $138 Million and Invests in Expansion in the Brazilian Oil and Natural Gas Sector

Written by Ruth Rodrigues

Published on 03/01/2023 at 08:49

Foto: Maha Energy

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The Company Aims To Invest Even More In The Exploration Of Oil And Natural Gas Fields In Brazil Over The Next Years. The Acquisition Of Maha Energy Is Another Initiative By PetroReconcavo To Secure Its Future Objectives.

During last Wednesday (28/12), the oil and gas company PetroReconcavo announced the closing of the acquisition of the company Maha Energy Brazil for the amount of US$ 138 million. Although the agreement is still subject to changes before finalization, this is a significant step taken for the company’s expansion in the Brazilian oil and natural gas sector. This is because Maha Energy is currently the operator of the onshore fields of Tartaruga (Sergipe) and Tiê (Recôncavo).

Acquisition Of Maha Energy Brazil By PetroReconcavo Is Firmed After Negotiations For The Purchase Worth US$ 138 Million By The Oil Company

The week is progressing with great results for PetroReconcavo’s business portfolio in the Brazilian oil and gas market.

This is because it announced on Wednesday the closing of an agreement for the acquisition of the company Maha Energy Brazil for a total amount of US$ 137 million.

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Currently, the energy company operates the onshore fields of Tartaruga (Sergipe) and Tiê (Recôncavo) and four exploratory blocks for oil and gas in the country, thus ensuring a strong expansion for the oil company in the oil and natural gas market, with the future finalization of the operation.

The payment for the acquisition of the company will be made in two installments, with the first of 60% paid at the contract closing, and the second of 40%, made six months after the transaction finalization.

The net revenue of Maha Energy in the first nine months of 2022 was US$ 62 million and totals US$ 78 million in the last 12 months. Thus, the company can strongly contribute to the growth of PetroReconcavo’s business in the exploration of oil and natural gas fields in Brazil.

Despite this, the transaction with the company is still subject to changes, as PetroReconcavo points out.

“The conclusion of the Operation is subject to the fulfillment of usual suspensive conditions in this type of operation, provided for in the QPA, including obtaining approval from the Administrative Council for Economic Defense (CADE), as required by current legislation, and also approval by the Company’s shareholders at an Extraordinary General Meeting (“AGE”)”, highlighted PetroReconcavo.

Company Aims At The Future Of The Oil And Natural Gas Market And Focuses On Onshore Fields As Its Next Investments

PetroReconcavo is eyeing advantageous opportunities for its future investments in the oil and natural gas market, now focusing on mature onshore fields throughout Brazil.

The president of PetroReconcavo, Marcelo Magalhães, stated in August that the company was structuring an internal team dedicated to monitoring market opportunities.

The company believes that the market for mature onshore fields will solidify in the coming years and intends to follow this trend with planned investments in acquiring assets in the private sector, outside Petrobras’s divestment plan.

The acquisition of Maha Energy and its exploration fields could be one of the major growth opportunities in the sector over the next few years.

Marcelo also states that PetroReconcavo will continue to seek the purchase of mature onshore assets in Brazil, but the company does not rule out entering offshore production, as well as venturing into international markets.

Thus, the next steps taken by the oil company regarding its large-scale investments will mark the future of its projects in the national oil and natural gas sector.

PetroReconcavo Completes Acquisition of Maha Energy Brazil for $138 Million and Invests in Expansion in the Brazilian Oil and Natural Gas Sector

The Company Aims To Invest Even More In The Exploration Of Oil And Natural Gas Fields In Brazil Over The Next Years. The Acquisition Of Maha Energy Is Another Initiative By PetroReconcavo To Secure Its Future Objectives.

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PetroReconcavo Completes Acquisition of Maha Energy Brazil for $138 Million and Invests in Expansion in the Brazilian Oil and Natural Gas Sector

The Company Aims To Invest Even More In The Exploration Of Oil And Natural Gas Fields In Brazil Over The Next Years. The Acquisition Of Maha Energy Is Another Initiative By PetroReconcavo To Secure Its Future Objectives.

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