Petrobras agrees to sell its onshore fields in Ceará, Brazil

Brazilian state-controlled firm Petroleo Brasileiro (Petrobras) has 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.

SPE Fazenda Belém is a subsidiary of oil field operator 3R Petroleum.

Located in the Potiguar Basin of Ceara, the two fields are known as the ‘Fazenda Belém’ cluster. They are 100% owned by Petrobras.

According to Petrobras, the sale price is valued at $35.2m, with $8.8m already paid during the signing of the transaction.

Petrobras said another $16.4m will be paid at the close of the transaction.

The remaining $10m will be paid in twelve months after the transaction is completed.

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.

Petrobras noted that the average production of the Fazenda Belém from January until June this year was about 800 barrels per day (bpd) of oil.

In November 2018, Petrobras announced the $453.1m sale of its stake in 34 onshore production fields to 3R Petroleum. These fields are located in the Potiguar Basin, Rio Grande do Norte.

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).