Petrobras sells stakes in Brazilian fields worth $823M to focus on deepwater

Nov. 28 (UPI) –Petrobras said Wednesday that it will sell 34 onshore production fields in northeast Brazil to 3R Petroleum for $453 million and separately in another transaction three shallow water fields off the coast of Rio de Janeiro to Perenco for $370 million to focus on deepwater.

Petrobras said the $453 million sale are fields that have run for over four decades in the northeast state of Rio Grande do Norte. It added that $34 million will be paid at the December 7 signing, with the remainder in the closing. The fields produce 6,000 barrels per day combined.

As for the other transaction with Perenco, Petrobras separately said that $74 million is to be paid on the signing and the remainder in the closing. The offshore fields produce 9,000 barrels per day in seven platforms. The output is shipped to the mainland through a pipeline.

Petrobras said in both statements that the sales fit into its divestment program, as it shifts focus to “investments in Brazilian deepwater”.

Perenco is a company with headquarters in London and Paris that has total operated production of 450,000 barrels of oil equivalent per day. 3R Petroleum is a Brazilian company focused in Latin America, Petrobras said.

Both 3R Petroleum and Perenco will operate the assets from the closing of the transaction, Petrobras added.

Petrobras said Tuesday that its October production of oil and gas was 2.66 million barrels of oil equivalent per day, with 2.54 million produced in Brazil and the rest abroad.

By Renzo Pipoli

Source: https://www.upi.com/Energy-News/2018/11/28/Petrobras-sells-stakes-in-Brazilian-fields-worth-823M-to-focus-on-deepwater/2671543414417/

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