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Petrobras sells Brazil mature fields in $300m deal

Petrobras sells Brazil mature fields in $300m deal

 

Petrobras has sold seven small fields in the Sergipe-Alagoas basin in Brazil’s north-east coast.

The divestment is part of the Brazilian state oil company’s ongoing strategy to offload non-core assets and focus on offshore deep-water development, particularly in the prolific pre-salt fairway.

Petrobras sold its stakes in the shallow-water Paru development and another six onshore fields — Anambe, Arapacu, Cidade de Sao Miguel dos Campos, Furado, Pilar and Sao Miguel dos Campos — to local energy group Petro+ for $300 million.

As part of the agreement, Petro+ will pay $60 million on the contract signing date and another $240 million at the closing of the deal.

The seven fields produced combined about 1900 barrels per day of oil and 602,000 cubic metres per day of natural gas from January to May.

Read the latest issue of the OGV Energy magazine HERE.

Published: 01-07-2021

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