Petrobras updates on stake sale in Brazil’s Bahia onshore fields

Brazilian state-controlled firm Petroleo Brasileiro (Petrobras) has signed a contract with SPE Rio Ventura to sell its entire stake in eight onshore fields in the Brazilian state of Bahia.

SPE Rio Ventura is a subsidiary of oil field operator 3R Petroleum.

The Rio Ventura cluster comprises the onshore fields of Água Grande, Bonsucesso, Fazenda Alto das Pedras, Rio Pojuca, Tapiranga, Pedrinhas, Pojuca, and Tapiranga Norte.

Located in the municipalities of Catu, Mata de São João, Pojuca and São Sebastião do Passé in Bahia, the fields are 100% owned by Petrobras.

According to Petrobras, the sale price is valued at $94.2m, with $3.8m already paid during the signing of the transaction and $31.2m at the closing of the transaction.

Petrobras said another $16m will be paid in 30 months after the completion of the transaction.

The remaining $43.2m will be paid in contract-based contingent payments.

Petrobras stated: “The amounts do not consider the adjustments due and are subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).”

The sale is in line with the company’s portfolio optimisation and improved capital allocation plan.

Meanwhile, in a separate development, Petrobras also announced that it had initiated the sale process for a group of 26 onshore and shallow water concessions, as well as a small nearby refinery in the Brazilian state of Rio Grande.

Petrobras recently signed a contract with SPE Fazenda Belém to sell its entire stake in the onshore fields of Fazenda Belém and Icapuí located in Ceara, Brazil.

Last month, Petrobras signed a share purchase and sale agreement to sell its remaining 10% stake in natural gas pipeline company TAG to Engie Brasil and Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ).