Brazilian oil and gas giant Petrobras is selling its whole interest in two shallow-water fields located in the Espírito Santo Basin offshore Brazil.

Petrobras started the opportunity disclosure stage (teaser) and launched the beginning of the binding phase related to the sale of all its stakes in the Peroá and Cangoá production fields and in the concession BM-ES-21 (Malombe discovery appraisal plan), located in the Espírito Santo Basin in July and August 2019, respectively.

Petrobras informed on Monday it had signed with the companies OP Energia and DBO Energia a contract for the sale of the totality of its participations in these assets, jointly named Peroá Cluster, located in the Espírito Santo Basin.

OP Energia and DBO Energia will form a consortium to acquire the Peroá Cluster, with a 50 per cent stake each, with the first company as the operator.

The sale value is $55 million, being $5 million paid at the present date; $7.5 million at the closing of the transaction and $42.5 million in contingent payments foreseen in contract, related to factors as commerciality declaration of Malombe, future oil prices and extension of the term of the concessions.

Petrobras noted that the amounts do not consider due adjustments until the closing of the transaction.

The transaction is subject to the fulfilment of previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Petrobras holds 100 per cent interest in the Peroá and Cangoá fields, located in shallow waters, whose average production in 2020 was around 658,000 m3/day of non-associated gas, and 100 per cent interest in the BM-ES-21 exploratory block, located in deep waters, where the Malombe discovery is located.

OP Energia is a subsidiary of 3R Petroleum Óleo e Gás S.A., a company listed on the Novo Mercado of the Brazilian Stock Exchange, whose strategy is to revitalize mature onshore and offshore fields.

DBO Energia is an upstream oil and gas company with a focus on increasing the recovery factor and efficiency of mature fields in Brazil applying expertise and technology from the North Sea.

This post appeared first on Offshore Energy.

Comments are closed.