Billionaire Christmas Gift: Petrobras, Which Decided to Focus on Pre-Salt Oil Fields, Sells Eleven Onshore Fields in Sergipe for Over R$ 6 Billion to Grupo Cobra

Cobra Group Fills Petrobras’ Coffers and Acquires, for US$ 1.1 Billion, 11 Onshore Oil and Gas Fields in Sergipe

Petrobras announced, in a Material Fact to the market, the sale of its entire stake in the onshore oil and gas fields of the Carmópolis Cluster in Sergipe to Carmo Energy. The contract is for 1.1 billion dollars.

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According to the company’s statement, the amount is divided into a sign of 275 million dollars, another 550 million at the closing of the operation, and another 275 million dollars after 12 months of completion. These amounts do not consider adjustments due until the closing of the transaction, which is subject to the fulfillment of precedent conditions, such as approval by the antitrust agency Cade and the regulator ANP, the state-owned company pointed out.

The Carmopolis Cluster comprises 11 land production concessions located in Sergipe and includes access to processing, flow, storage, and transportation infrastructure for oil and natural gas.

The asset also includes the Atalaia Cluster, which contains the Aracaju Waterway Terminal (Tecarmo), and the Bonsucesso-Atalaia pipeline, which flows the oil production from Carmópolis to Tecarmo.

Also in the statement, Petrobras said that the sale aligns with its portfolio management and capital allocation improvement strategy.

About Carmo Energy

Carmo Energy is an affiliate of the Cobra Group and enters, with this operation, the sector of production, processing, flow, storage, and transportation of oil and natural gas in Brazil. The Cobra Group has extensive experience in exploration, production, and marketing of oil and natural gas from land fields in other countries in America (Mexico, Colombia, Ecuador). Other companies in the same group have been present in Brazil for over 20 years in sectors such as electricity transmission and energy generation.