For US$ 6 Million, 3R Petroleum Acquires Stake in Galp at Oil Field Located in the Potiguar Basin in Rio Grande do Norte State

According to 3R Petroleum, the Sanhaçu oil field is part of the Macau Pole, in the Potiguar Basin, in Rio Grande do Norte, whose operation is carried out by 3R Macau

3R Petroleum Oil and Gas reported that, through its wholly-owned subsidiary 3R Macau, it signed a contract to acquire the stake held by Petrogal Brasil in the Sanhaçu oil field, located in the Potiguar Basin, in the state of Rio Grande do Norte, for US$ 6 million. See also this news: 3R Petroleum Acquires Three Oil Fields From Petrobras for US$ 55 Million in the Espírito Santo Basin

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The Purchase of the Oil Field in the Potiguar Basin, in Rio Grande do Norte

The Sanhaçu oil field encompasses the Macau Pole, which is operated by 3R Macau. 3R Macau and Galp currently hold the rights to the field, each with a 50% stake in the concession. 3R Petroleum is purchasing Galp’s share for US$ 6 million, with US$ 1.3 million paid this past Wednesday, US$ 1.9 million to be paid at the closing of the transaction, and two installments of US$ 1.4 million to be paid in six and 12 months, respectively, from the conclusion of the operation. The amounts do not consider adjustments and corrections that may occur until the closing of the transaction.

According to the company, the acquisition of the oil field aligns with its investment thesis, based on the acquisition of assets: (i) onshore and offshore production, (ii) with potential for increased production and reserves, (iii) that enable the generation of synergies with the current portfolio, and (iv) with a competitive entry multiple per reserve.

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Large Oil and Gas Reserves

The company recalls that in August 2020, DeGolyer and MacNaughton certified that the Sanhaçu field held 5.3 million barrels of oil equivalent (boe) in proved and probable reserves (2P), which represents an entry multiple of approximately 2.3 times per 2P reserve for the transaction described above.

According to 3R, the transaction will result in increased production, with the integration of a field that is already part of the portfolio operated by 3R, and will strengthen the company’s position as a significant gas producer in the North and Northeast regions of Brazil. “By taking full control of the Sanhaçu field, 3R will consolidate as the largest gas producer in Rio Grande do Norte when considering the combined production of the Macau and Pescada Poles, the latter currently in the process of being transferred to the ANP. Thus, 3R will assume a strategic position as the main gas supplier necessary to enable the revitalization plans of the mature oil fields in the region,” it emphasizes.

See This News Too: Petrobras Sells Oil Field Papa-Terra, in the Campos Basin, to 3R Petroleum

Petrobras announced that it has completed the sale of its total stake in the Papa-Terra field, located in the Campos Basin. 3R Petroleum made the purchase for US$ 105 million. According to Petrobras, the sale amount was US$ 105.6 million, with US$ 6 million paid on the current date; US$ 9.6 million at the closing of the transaction and US$ 90 million in contingent payments stipulated in the contract, related to production levels of the asset, located in the Campos Basin, and future oil prices.

These amounts do not consider the necessary adjustments, and the closing of the transaction is subject to the fulfillment of precedent conditions, such as approval by ANP – National Agency of Petroleum, Natural Gas and Biofuels. Fernando Borges, director of Exploration & Production at Petrobras, says that the sale of the asset in the Campos Basin is part of our portfolio management, a common practice in the industry. Fernando emphasizes that by strategically reallocating investments, they open opportunities for diversification in the oil and gas industry with new investors, bringing positive results for companies, the industry, and especially for society.