For US$ 1.5 Million, Petrobras Sells Its Onshore Field Stake to Petrom in the Sergipe-Alagoas Basin

Petrobras Completed the Sale of Its 50% Stake in the Onshore Rabo Branco Field in Sergipe-Alagoas Basin Yesterday (05/10)

Petrobras signed a contract yesterday (05/10) for the sale of its 50% stake in the Rabo Branco onshore field, located in the Sergipe-Alagoas Basin in the state of Sergipe, to Petrom. The value of the onshore field was US$ 1.5 million, and from now on, the purchasing company will obtain all rights over the Rabo Branco onshore field.

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Sale of Petrobras’ Onshore Field to Petrom

Previously, Petrobras had signed a brief contract to sell the onshore field to Energizzi Energias do Brasil; however, Petrom, which holds the remaining 50% of the Rabo Branco field in the Sergipe-Alagoas Basin and is the current operator of the field, exercised its right of first refusal as stipulated in the contract, resulting in the termination of the purchase and sale agreement with Energizzi. In the contract celebration with Petrom, the same conditions were established.

The closing of the transaction with Petrom Produção de Petróleo e Gás is subject to the fulfillment of precedent conditions, such as approval by Cade – Administrative Council for Economic Defense and by ANP – National Agency of Petroleum, Natural Gas and Biofuels.

The Onshore Field Located in the Sergipe-Alagoas Basin

The Rabo Branco onshore field is part of the BT-SEAL-13 concession, located south of the Carmópolis field in the Sergipe-Alagoas Basin in the state of Sergipe. The average production of the onshore field last year was 131 bpd. Petrobras holds a 50% stake in partnership with Petrom.

The sale of Petrobras’ onshore field to Petrom in the Sergipe-Alagoas Basin is directly linked to portfolio optimization strategy, debt reduction, and improvement of the company’s capital allocation, allowing Petrobras to increasingly focus its investments on world-class deepwater and ultra-deepwater assets, where the state-owned company has demonstrated significant competitive advantages in recent years.

See Also: Petrobras Signs Contract with Keppel for the Construction of FPSO P-78 in the Santos Basin

Petrobras announced on the morning of (05/10) that it has signed a contract with Keppel for the construction of the FPSO P-78 platform, which will be located in the Búzios field, situated in the pre-salt of the Santos Basin. Petrobras also informed the market in a statement that the FPSO P-78 could begin production in three years (2024), and the contract with the Singapore company also stipulates a local content requirement of 25%, with services to be provided in Brazil through partnerships in shipbuilding with national or outsourced companies.

Petrobras further stated in a market announcement that the FPSO P-78 will have a daily capacity of processing 180,000 barrels of oil and 7.2 million cubic meters of natural gas per day.

The contract signed between Petrobras and Keppel, from Singapore, for the construction of the FPSO P-78 in the pre-salt, will be under the EPC model (engineering, procurement, and construction), and also includes 25% local content, with services to be performed in the country through partnerships or subcontracting of domestic shipbuilding companies.