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The Company Continues Seeking A Favorable Agreement For Both Parties, Aiming At The Acquisition Of The Entire Participation In The Oil Fields Of The Bahia Terra Polo. PetroReconcavo Also Asserted That It Is Not Only Awaiting The Decision Of Petrobras, But Other Factors In The Process.
During last Tuesday (12/27), the oil and natural gas company PetroReconcavo stated that negotiations regarding the acquisition of the Bahia Terra Polo, located in Bahia, are still ongoing with Petrobras. The company also mentioned that it is awaiting other factors in the asset acquisition process, such as licenses and approvals, in addition to, of course, the final agreement with the state-owned oil company.
PetroReconcavo Is Still In The Negotiation Phase With Petrobras To Define The Sale Agreement For The Participations In The Oil Fields Of The Bahia Terra Polo
Over the past few months, PetroReconcavo has been seeking to expand its presence in the oil and natural gas market in Bahia, aiming at the acquisition of the asset known as the Bahia Terra Polo.
The polo comprises a set of concessions for terrestrial production and exploration fields and associated facilities, and it is quite significant for the fuel scenario in the region.
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Thus, on Tuesday, the company responded to a question from the Securities and Exchange Commission (CVM) regarding a report that talks about over R$ 1 billion in asset development for 2023 and that the company would be “advancing in the acquisition” of Petrobras’s assets.
According to PetroReconcavo, the information provided by the report is based on information previously disclosed to the market, regarding the company’s latest reserve report.
“The company conducts an annual reserve certification process with independent consulting, which estimates, in its analysis, future investments in reserve development,” confirmed the company in a statement.
Conclusion Of The Acquisition Of The Oil Fields Of The Bahia Terra Polo Is Subject To Other Variables Beyond The Agreement With Petrobras
Although the finalization of the agreement with Petrobras regarding the values and acquisition model of the Bahia Terra Polo is the main variable in PetroReconcavo’s negotiations, it is not the only one.
The company stated that, in addition to the acceptance by the state company itself, the agreement will need to await the approval of both the Administrative Council for Economic Defense (Cade) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Thus, other factors come into play in the acquisition of the oil fields located in the state of Bahia, and they may complicate the finalization of the operation.
During August 2022, PetroReconcavo’s president, Marcelo Magalhães, stated in a teleconference that he was waiting to sign the agreement with Petrobras “soon.”
However, the negotiations for the purchase of the Bahia Terra Polo and investment in the Bahia oil segment are still subject to external factors.
Get To Know Bahia Terra Polo
Bahia Terra is a polo wholly owned by Petrobras, located in the State of Bahia (as the name indicates). The Bahia Terra asset involves 28 terrestrial fields along with a complete downstream infrastructure.
The highlights are the Catu Gas Processing Unit (UPGN) (capacity of 2mn m3/d), which treats and processes the gas produced not only by the Bahia Terra polo but also by the Remanso+BTREC and Miranga poles of PetroReconcavo, as well as the Recôncavo Pole of 3R.
Learn More About PetroReconcavo
PetroReconcavo is an independent oil and gas operator and one of the leaders in its area of operation in Brazil. With a 22-year history, the company specializes in the operation, development, and revitalization of mature fields in onshore oil and gas basins, being one of the first to operate in Brazil after the end of the state monopoly and the enactment of the Petroleum Law in 1997.
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