SPE Rio Ventura buys Petrobras’s interest in Rio Ventura cluster

SPE Rio Ventura SA, a wholly owned subsidiary of 3R Petroleum e Participações SA, purchased Petrobras’s entire interest in the Rio Ventura cluster in the state of Bahia, Brazil.

The cluster comprises onshore fields Água Grande, Bonsucesso, Fazenda Alto das Pedras, Pedrinhas, Pojuca, Rio Pojuca, Tapiranga, and Tapiranga Norte in the municipalities of Catu, Mata de São João, Pojuca, and São Sebastião do Passé. Average production of Rio Ventura Cluster from January to June 2020 was 1,050 bo/d and 33,000 cu m/d of natural gas.

The $94.2-million deal comprises $3.8 million Aug. 21, $31.2 million to be paid at closing, $16 million to be paid in 30 months after closing, and $43.2 million to be paid in contract-based contingent payments. The amounts do not consider adjustments due and are subject to compliance with previous conditions, such as approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

This transaction is in line with Petrobras’s strategy of portfolio optimization and improvement of the company's capital allocation, focusing increasingly on deep and ultra-deep waters.

SPE Rio Ventura will hold 100% interest in the fields.

The deal comes on the heels of 3R Petroleum unit SPE Fazenda Belém SA’s contract to purchase Petrobras’s entire interest in onshore fields Fazenda Belém and Icapuí (Fazenda Belém cluster), in the Potiguar basin, in the state of Ceará, Brazil (OGJ Online, Aug. 17, 2020).