Petrobras Sells Its Stake in Onshore and Shallow Water Fields to Petro+ in Alagoas for $300 Million

Petrobras Today Completed the Sale of Its Entire Stake in the Onshore and Shallow Water Field Located in the State of Alagoas

Petrobras informed in a note published to the market that it signed with Petromais Global Exploração e Produção S.A. (Petro+) the contract for the assignment of its entire stake in a set of seven onshore and shallow water concessions called Polo Alagoas, located in the state of Alagoas. The agreement was made for the amount of US$ 300 million. Also see: For US$ 1.5 million, Petrobras Sells Its Stake in Onshore Field to Petrom, in the Sergipe-Alagoas Basin

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Sale of Petrobras Onshore Field to Petro+

The total sale value of Petrobras to Petro+ was US$ 300 million, consisting of: (a) US$ 60 million paid on this date; and (b) US$ 240 million to be paid upon closing of the transaction. The amounts do not consider the adjustments due until the transaction is closed, which is subject to the fulfillment of certain precedents, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

According to the state company, this disclosure of the sale of the onshore and shallow water field is in accordance with Petrobras’ internal rules and the provisions of the special procedure for the assignment of exploration, development, and production rights for oil, natural gas, and other fluid hydrocarbons, set forth in Decree 9.355/2018.

Polo Alagoas, Location of the Onshore and Shallow Water Field

The Polo Alagoas, where the onshore and shallow water field sold by Petrobras is located, comprises seven production concessions, six onshore (Anambé, Arapaçu, Cidade de São Miguel dos Campos, Furado, Pilar, and São Miguel dos Campos) and the concession of the Paru field located in shallow water, with a water depth of 24 meters.

The average production of the polo from January to May 2021 was 1,900 bpd of oil and condensate and 602,000 m³/d of gas generating 900 bpd of NGL (natural gas liquids). In addition to the fields and Petrobras’ production facilities, the transaction includes the Natural Gas Processing Unit (UPGN) of Alagoas, which has a processing capacity of 2 million m³/day, and is responsible for processing 100% of the gas from the polo and generating NGL.

Also See: Petrobras Completes Sale of Onshore Oil Field in the Sergipe-Alagoas Basin

In a note published to the market, Petrobras informed that, continuing the announcement made on 08/05/2020, it completed today the sale of its 50% stake in the onshore oil field of Dó-Ré-Mi, located in the Sergipe-Alagoas Basin, in the state of Sergipe, to Centro-Oeste Óleo e Gás Ltda.

After fulfilling all the conditions precedent, the sale of Petrobras’ onshore oil field was finalized for the amount of US$ 37,600, which had already been paid to the state company on the date of signing the purchase and sale contract, on August 5 of last year. This disclosure is in accordance with Petrobras’ internal rules, and with the provisions of the special procedure for the assignment of exploration, development, and production rights for oil, natural gas, and other fluid hydrocarbons, set forth in Decree 9.355/2018.