Brazilian oil company Petrobras has wrapped up the sale of its entire stake in the ten offshore fields that comprise the Pampo and Enchova Clusters to Trident Energy. The fields are located in shallow water in the Campos Basin in the state of Rio de Janeiro.
The so-called Pampo and Enchova Clusters are located in the Campos Basin, on the coast of Rio de Janeiro, and include the fields of Enchova, Enchova Oeste, Marimbá, Piraúna, Bicudo, Bonito, Pampo, Trilha, Linguado and Badejo.
The total oil and gas production of these fields, from April to June 2020, was around 22 thousand barrels of oil equivalent per day, through platforms PPM-1, PCE-1, P-8 and P-65. With this transaction, Trident will become the operator of these concessions with 100% stake in them.
The transaction was concluded with the payment of US$ 365.4 million to Petrobras, and provides for a contingent payment of an additional amount of US$ 650 million.
The amount received at the closing of the transaction is added to the amount of US$53.2 million paid to Petrobras at the signing of the sales agreement, totaling US$418.6 million.
"This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years," Petrobras said.
Petrobras first published the plan to sell the fields in 2017. The Brazilian oil giant then in 2018 announced that Ouro Preto Óleo e Gás had filed the biggest bid, reportedly offering around $1 billion. Trident Energy had at the time supposedly placed a bid as well.
However, the deal between Ouro and Petrobras later failed after Ouro reportedly reduced its offer.
Petrobras then in July 2019 said that Trident Energy had presented the best final bid for the Pampo and Enchova clusters offering around $1 billion in total.
Commenting on the completion of the acquisition on Thursday, Trident said it has identified a large number of attractive projects to increase production, rejuvenate the assets and extend the life of the fields acquired.
"This acquisition marks the entry of Trident Energy in Brazil and is in line with its strategy to acquire and operate large mid-life assets globally. This is a major milestone for Trident Energy, after the successful takeover of the Ceiba & Okume fields in Equatorial Guinea in 2017. While adding another world-class asset to its portfolio, Trident Energy’s international growth will bring many new exciting opportunities," Trident Energy said.