Petrobras' Oil Hub Sale in Northern Espírito Santo Completed with Norwegian Group

Petrobras’ Oil Hub Sale in Northern Espírito Santo Completed with Norwegian Group

Written by Bruno Teles

Published on 13/04/2023 at 11:28

Venda do polo de petróleo Petrobras (foto/divulgação)

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Petrobras Completed the Sale of the Oil Pole in Northern Espírito Santo to a Subsidiary of Norwegian Group Seacrest Bermuda Limited, Receiving an Immediate Payment of US$ 426.65 Million.

The pole comprises a set of four concessions of onshore oil and gas production fields located in the Espírito Santo Basin, in the municipalities of Linhares, Jaguaré, and São Mateus. In addition to the fields, the sale of the oil pole included the Northern Espírito Santo Terminal and oil and gas transportation pipelines.

Reasons for the Sale of the Oil Pole

The sale is part of Petrobras’s strategy to concentrate its resources on deep and ultra-deep water assets. With the sale, Seacrest takes on the role of operator of the Northern Espírito Santo fields and other production infrastructures. Petrobras remains responsible for managing other operations in the state, such as the natural gas processing units in Cacimbas and Sul Capixaba and the Barra do Riacho Maritime Terminal.

Sale and Asset Details

The amount received by Petrobras adds to the US$ 35.85 million paid at the time of the sale signing in February 2022. In addition to this amount, Petrobras is expected to receive up to US$ 66 million in contingent payments, depending on future Brent crude prices. The Northern Espírito Santo Pole accounted for 3.3% of its production in Espírito Santo, and the sale does not impact the state-owned company’s other activities in the region, where it maintains operations in significant deep-water fields, notably the Whale Park, in addition to seven exploratory areas.

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The pole comprises four concessions of onshore fields:

Cancã and Fazendas Alegre, the largest onshore oil field in the state;
São Rafael; and
Santa Luzia.

The pole also includes the Northern Espírito Santo Terminal (TNC), which consists of five oil and condensate receiving tanks with operational measurement inline at its entrance and infrastructure for receiving by trucks.

The average production of the Northern Espírito Santo Pole in the first quarter of 2023 was approximately 4,600 barrels of oil per day and 21,800 m³/day of natural gas. In total, the pole has 269 wells in operation, three oil treatment stations, four satellite stations in the Fazenda Alegre field, and 73.81 km of pipelines and oil conduits.

With the sale completed, Petrobras has disposed of assets considered less strategic in pursuit of greater operational and financial efficiency. Seacrest, in turn, expands its presence in the Brazilian oil and gas market with the acquisition of the Northern Espírito Santo Pole, a set of four onshore oil and gas production concessions located in the Espírito Santo Basin.

Petrobras’ Oil Hub Sale in Northern Espírito Santo Completed with Norwegian Group

Petrobras Completed the Sale of the Oil Pole in Northern Espírito Santo to a Subsidiary of Norwegian Group Seacrest Bermuda Limited, Receiving an Immediate Payment of US$ 426.65 Million.

Reasons for the Sale of the Oil Pole

Sale and Asset Details

The pole comprises four concessions of onshore fields:

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Petrobras’ Oil Hub Sale in Northern Espírito Santo Completed with Norwegian Group

Petrobras Completed the Sale of the Oil Pole in Northern Espírito Santo to a Subsidiary of Norwegian Group Seacrest Bermuda Limited, Receiving an Immediate Payment of US$ 426.65 Million.

Reasons for the Sale of the Oil Pole

Sale and Asset Details

The pole comprises four concessions of onshore fields:

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Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

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