Central Resources acquires two onshore fields from Petrobras

Central Resources do Brasil Produção de Petróleo Ltda has acquired Petrobras’s entire participation in onshore fields Ponta do Mel and Redonda in Potiguar basin.

The fields are in the municipality of Areia Branca, Rio Grande do Norte, Brazil. Average production in first-half 2020 was around 493 b/d. Central Resources already had rights to the fields from service contracts for oil exploration since 1982 and is currently in Phase II field development. Infill drilling associated with full field waterflood is planned to increase secondary reserves and production. 

The acquisition totaled $7.2 million with payment to be made over 18 months. Central Resources will be operator in the fields.