Petrobras to sell nine onshore fields in Bahia for $220m

Brazilian oil company Petrobras has agreed to divest nine onshore exploration and production fields in the state of Bahia to SPE Miranga for $220.1m.

The gas-heavy cluster, known as Miranga, includes the fields of Miranga, Fazenda Onça, Riacho São Pedro, Jacuípe, Rio Pipiri, Biriba, Miranga Norte, Apraiús, and Sussuarana.

Last year, the average production of the cluster was approximately 899 barrels of oil per day (bpd) and 376.8 thousand cubic metres of natural gas a day.

Of the total sale amount, SPE Miranga will immediately pay $11m and $44m at the closing of the deal.

The firm will make a deferred payment of $80.1m in three instalments over three years from the closing of the transaction and up to $85m in contingent payments related to future oil prices.

“The amounts do not consider adjustments due until the closing of the transaction, which is subject to compliance with precedent conditions, such as approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP),” the oil company said in its press statement.

The divestment forms part of the company’s strategy of portfolio optimisation, improve capital allocation and focus on resources on world-class assets in deep and ultra-deep waters.

The company noted: “This disclosure complies with the Petrobras’ internal rules and with the provisions of the special procedure for assignment of rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9,355/2018.”

SPE Miranga is a unit of PetroRecôncavo, a Brazilian oil and gas company.

In 2019, PetroRecôncavo acquired a stake in the Riacho da Forquilha Cluster from Petrobras.

Petrobras recently finalised a deal to divest Landulpho Alves Refinery (RLAM) and its associated logistics assets in Bahia to Abu Dhabi’s Mubadala Capital for $1.65bn.