Petro+ to Buy Petrobras' Alagoas Cluster Fields for $300M

PHOTO ANDRÉ MOTTA DE SOUZA PETROBRAS NEWS AGENCY / File Photo
PHOTO ANDRÉ MOTTA DE SOUZA PETROBRAS NEWS AGENCY / File Photo

Brazilian oil firm Petrobras has struck a deal with compatriot company Petro+ to sell it its stake in a set of seven onshore and shallow water concessions denominated Alagoas Cluster, located in the state of Alagoas, Brazil for $300 million.

Petrobras said Petro+ would pay $60 million immediately and the remaining $240 million to be paid at the closing of the transaction. 

"This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years," Petrobras said.

The Alagoas Cluster comprises seven production concessions, being six onshore (Anambé, Arapaçu, Cidade de São Miguel dos Campos, Furado, Pilar, and São Miguel dos Campos) and the Paru field concession located in shallow waters, with a water depth of 24 meters.

The cluster average production from January to May 2021 was 1.9 thousand bpd of oil and condensate and 602 thousand m³/d of gas, generating 0.9 thousand bpd of NGL (natural gas liquids).

In addition to the fields and their production facilities, the Natural Gas Processing Unit of Alagoas, whose processing capacity is 2 million cubic meters per day, is included in the transaction, which is responsible for processing 100% of the cluster gas and generating NGL.

 

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