Petrobras to sell stake in 34 onshore fields to 3R Petroleum

Brazilian oil giant Petrobras has announced the $453.1m sale of its stake in 34 onshore production fields in the Potiguar Basin, Rio Grande do Norte, to 3R Petroleum.

100% owned by Petrobras, the concessions include mature fields located 40km south of the city of Mossoró-RN. They have been in production for more than 40 years.

Currently producing six thousand barrels of oil a day, the fields are being sold as a single package called Polo Riacho da Forquilha.

In the Cardeal and Colibri fields, Petrobras owns a 50% operator stake alongside Partex, which holds the remaining interest.

Petrobras holds a 70% stake in the Sabiá da Mata and Sabiá Bico-de-Osso fields while partner and operator Sonangol owns a 30% interest.

7.5% ($34m) of the complete transaction value will be paid on the signing, which is scheduled for 7 December while the remainder is to be paid when the transaction is complete. Following the closure, 3R Petroleum will operate the assets.

The completion is subject to the signing of contracts, the fulfilment of the precedent conditions, including the approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and possible preference right, as defined in the contract of purchase and sale.

Petrobras noted that the project is part of the company’s Partnerships and Divestments Program, aligned with the 2018-2022 Business and Management Plan.

In a separate development, Petrobras signed contracts with Perenco for the sale of its stake in the Pargo, Carapeba, and Vermelho fields for $370m.

The fields are located in shallow waters off the coast of the state of Rio de Janeiro.