According to 3R Petroleum, the Sanhaçu oil field is part of the Macau Hub, in the Potiguar Basin, in Rio Grande do Norte, which is operated by 3R Macau

3R Petroleum Oil and Gas informed that, through its wholly owned subsidiary 3R Macau, it entered into an agreement for the acquisition of the stake held by Petrogal Brasil in the oil field of Sanhaçu, located in the Potiguar Basin, in the state of Rio Grande do Norte, for US$ 6 million. Also see 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 Polo Macau, which is operated by 3R Macau. 3R Macau and Galp currently hold the rights to the field, with a 50% stake each in the concession. 3R Petroleum is buying Galp's stake for US$ 6 million, of which US$ 1,3 million will be paid this last 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, counting from the conclusion of the operation, respectively. The values ​​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 is in line with its investment thesis, based on the acquisition of assets: (i) in onshore and offshore production, (ii) with potential to increase production and reserves, (iii) which enable the generation of synergies with the current portfolio, and (iv) with a competitive entry multiple per reservation.

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) of proven plus probable reserves (2P), which represents an input multiple of approximately 2,3 times per 2P reservation 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 reinforce the company's position as a relevant gas producer in the North and Northeast of Brazil. “By taking over the entire Sanhaçu field, 3R will consolidate itself as the largest gas producer in Rio Grande do Norte, when considering the joint production of the Macau and Pescada Poles, the latter in the process of being transferred to the ANP. Thus, 3R will assume a strategic position as the main supplier of the gas needed to make viable the plans to revitalize the mature oil fields in the region”, he highlights.

Check out this news: Petrobras sells the Papa-Terra oil field, in the Campos Basin, to 3R Petroleum

Petrobras announced that it had sold its total stake in the Papa-Terra field, located in the Campos Basin. 3R Petroleum carried out the purchase for US$ 105 million. As disclosed by Petrobras, the value of the sale was US$ 105,6 million, of which US$ 6 million was paid on the present date; US$ 9,6 million at the closing of the transaction and US$ 90 million in contingent payments provided for in the contract, related to the production levels of the asset located in the Campos Basin and future oil prices.

Such amounts do not consider the adjustments due and the closing of the transaction is subject to the fulfillment of conditions precedent, 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 Campos Basin asset is part of our portfolio management, a common practice in the industry. Fernando points out that by strategically reallocating investments, they open up opportunities for diversification in the oil and gas industry with new investors and bringing positive results for companies, for the industry and above all for society.