PRIO Concludes Sale of Interest in Manati Field Offshore Brazil

Image Credit: Petrobras (file image)
Image Credit: Petrobras (file image)

Brazilian oil and gas company PRIO said Friday it had received the payment regarding the conclusion of the sale of its 10% interest in the Manati field offshore Brazil to Gas Bridge Storage. 

The Manati Field, located in the Camamu Basin, on the coast of Bahia, is one of Brazil’s largest gas fields.

"The National  Agency of Petroleum, Natural Gas and Biofuels ("ANP") has already been notified regarding the closing of the deal and the formal procedures are expected to be completed today," PRIO said.

The total value of the transaction was R$ 124 million, of which R$ 24.8 million was paid after the signing of the contract and, on this date, R$ 85.7 million was paid, after the applicable price adjustments, PRIO added.

PRIO said it had acquired the interest in the Manati field was acquired in 2017 for R$140 million, it generated R$350 million of cash to the date that the contract was signed and, after the conclusion, returned 3.4 times the invested capital.

 "This move is part of the company's strategy to generate value through dynamic management of its asset portfolio, and reinforces PRIO's focus on the operated assets that compose the core of its business," PRIO said.

PRIO had in April 2022 terminated the planned Manati gas field stake sale to Gas Bridge Storage, but then in November 2022, signed a new deal with Gas Bridge Storage to sell its stake in the field, saying that the new agreement, unlike the first one, did not depend on any transaction of Gas Bridge Storage with other consortium members.

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