Perenco Acquires Polo Nordeste Fields

Laxman Pai
Wednesday, November 28, 2018

Petrobras says it reached a USD370mln deal with Perenco to sell its operations in the Polo Nordeste and granted oil 3R Petroleum a 40-year concession to operate 34 oil fields in Bacia Potigar in a deal worth USD453mln.

According to a press release from the Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro it agreed to sell more than three dozen shallow-water and onshore oil fields in a pair of deals worth a combined USD 823 mln.

The Pargo field was discovered in 1975, and the fields of Carapeba and Vermelho in 1982, whereas their production was started in 1988. These concessions were granted to Petrobras in 1998 in the so-called Bidding Round Zero.

Currently, these fields’ production system is integrated and consists of seven jacket fixed platforms, with current production of approximately 9,000 barrels of oil per day, which is exported through the Garoupa platform (PGP-1) and goes to the continent via pipeline to the Cabiúnas Terminal.

The value of the transaction is USD 370 million, 20% of which (USD 74 million) to be paid on the signing and the remainder in the closing of the transaction, considering the adjustments due.

Perenco will operate the assets from the closing of the transaction, which is subject the fulfillment of the precedent conditions defined in the contract of purchase and sale, such as the approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and issue of new Operation Licenses by IBAMA.

This project was the result of a competitive process and is part of Petrobras’ Partnerships and Divestments Program, aligned to the 2018-2022 Business and Management Plan, which provides for continuous portfolio management and focus on investments in Brazilian deepwater.

Categories: People & Company News Finance Mergers & Acquisitions Offshore Energy

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