Rio de Janeiro Court of Justice (TJRJ) Denies Petrobras’ Appeals to Resume Sale of Bahia Terra Polo to Consortium Formed by PetroReconcavo and Eneva

After Action Opened in Court Against Sale of Bahia Terra Polo to the Consortium Formed by PetroReconcavo and Eneva, Petrobras Sought Resources to Resume Process, but the TJRJ Denied the Request and Process Remains Suspended.

The Court of Justice of Rio de Janeiro (TJRJ) denied Petrobras’ requests to resume the sale of the Bahia Terra Polo, located in the state of Bahia, to the consortium formed by PetroReconcavo and Eneva. After TJRJ’s decision, the state company released a statement on the morning of Wednesday (06/15), stating that it will continue its efforts for the resumption of the process, as it is promoting competitiveness among companies.

Petrobras Speaks Out After TJRJ Denies Requests for Resumption of Sale of Bahia Terra Polo to PetroReconcavo and Eneva on Wednesday.

After the sale of Bahia Terra Polo to PetroReconcavo and Eneva was halted by a lawsuit filed in Rio by Aguila Energia e Participações, Petrobras filed appeals in TJRJ for the resumption of the process, but was unsuccessful in its request.

Thus, with TJRJ’s decision, the state company is prevented from continuing the sale process of the fields in the Bahia region and will need to return to court to make the project possible.

Consequently, the company issued a statement after the news of the denial of requests for the resumption of the sale of Bahia Terra Polo. Petrobras stated: “Petrobras emphasizes the adherence of the competitive process of Bahia Terra Polo to its internal norms and provisions of the special procedure for the assignment of rights for the exploration, development, and production of oil, natural gas, and other fluid hydrocarbons, as provided for in decree 9,355/2018, as well as the importance of divestments in its portfolio management.”

Moreover, the Brazilian state-owned company highlighted that it will continue to invest its efforts to take all necessary legal measures in favor of its interests and those of its investors, so that the consortium between PetroReconcavo and Eneva is not harmed in the sale process of the fields.

The entire legal process began after Aguila Energia e Participações had its proposal denied by Petrobras for the purchase of the fields and took the matter to court, disagreeing with the requirements considered by the state company for rejecting the proposal.

Legal Process Between the Brazilian State-Owned Company and Aguila Energia e Participações for the Sale of Fields to PetroReconcavo and Eneva Continues in TJRJ.

During March of this year, Petrobras announced that it had received a proposal exceeding US$ 1.5 billion from the consortium formed by Aguila Energia e Participações and Infra Construtora e Serviços for the sale of the fields of Bahia Terra Polo, but negotiations were unsuccessful.

Therefore, the main deal now would take place with the consortium formed by PetroReconcavo and Eneva, which are seeking the acquisition of the oil and gas fields.

However, Aguila Energia e Participações filed a lawsuit against the state company in TJRJ to halt the sale, which was accepted by the court. Thus, Petrobras had to suspend the processes for the sale of the fields indefinitely.

And even though it filed appeals in TJRJ for the resumption of the sale, claiming that it disqualified Aguila from acquiring Bahia Terra because the competitor did not prove financial backing within the defined deadlines in the notice, it failed in its request to the court of the state of Rio.

Aguila Energia e Participações argued that the consortium formed by PetroReconcavo and Eneva, the winning party, also did not prove sufficient financial backing to honor the commitments arising from the sale of the fields, which was accepted by TJRJ. Now, Petrobras is mobilizing to seek the necessary legal measures to resume the sale processes of the Bahia fields.