For US$ 544 Million, Petrobras Announces Signing of Sale of Four Production Fields in Espírito Santo to Seacrest Petróleo SPE Norte Capixaba Ltda.

Deal between Petrobras and Seacrest Petroleum is Confirmed and Asset Sale Process of the Capixaba North Pole in Espírito Santo is Initiated

The state-owned Petrobras reported yesterday, February 23, 2022, that it has officially signed with Seacrest Petroleum SPE North Capixaba Ltda., a wholly owned subsidiary of Seacrest Exploration and Production of Oil Ltda., the sale of its entire stake, that is, 100%, in a group of four concessions for terrestrial generation areas, with integrated facilities, known as the Capixaba North Pole. The set is located in the state of Espírito Santo, Southeast region of Brazil.

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The sale is valued at up to US$ 544 million, considering that US$ 35.85 million would be paid on the same day as the contract signing; US$ 442.15 million would remain for the closing day of the transaction; and that the payment of US$ 66 million would be contingent payments already present in contracts, according to future Brent quotes. The transaction values for Petrobras do not accompany the correct adjustments until the end of the negotiation, which is subject to the fulfillment of some preceding circumstances, such as the authorization from the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

According to the website Agência Petrobras, the publication complies with the internal rules of the company itself and with the configuration of the special process for granting rights for exploration, development, and production of oil, natural gas, and other types of fluid hydrocarbons, as outlined in Decree 9.355/2018.

The operation in question between the Capixaba North Pole and Petrobras is in line with the company’s portfolio management strategy and the advancement of capital allocation, aiming for maximum value and the greatest and best return for the population. Petrobras continues to increasingly direct its resources towards assets in oceanic, deep, and ultra-deep waters, a sector that has stood out with high competitive power in recent years, as it has produced high-quality oil with reduced greenhouse gas emissions.

Learn More About the Capixaba North Pole Located in the State of Espírito Santo

The Capixaba North Pole (Espírito Santo) encompasses four sectors of land fields, namely: Cancã, Fazenda Alegre, Fazenda São Rafael, and Fazenda Santa Luzia. The Capixaba North Terminal and all related production equipment and facilities located within the ring fence of Petrobras’ four concessions are also part of the Capixaba North Pole, as well as the ownership of some clearings.

The average productivity of the Capixaba North Pole in the last year (2021) was about 6,500 barrels of oil per day (bpd) and over 52,000 cubic meters per day of natural gas. At the time of the sale decision, Petrobras was the only shareholder and operated in the region, with a 100% stake.

Know What Seacrest Petroleum SPE North Capixaba Ltda. Is

Seacrest Petroleum SPE North Capixaba Ltda. is specialized in the redevelopment of mature fields and also in production, fully managed by Seacrest Exploration and Production of Oil Ltda., a private capital company, among whose most important investors is The Seacrest Group.

Also, watch the video from the News Today channel on YouTube: BILLIONAIRE TRANSACTION: PETROBRAS SELLS OIL FIELDS IN ES