Petrorecôncavo SA signed a contract to acquire Petróleo Brasileiro SA’s (Petrobras) entire stake in 12 onshore exploration and production fields—the Remanso Cluster—in the state of Bahia.
The cluster comprises onshore fields Brejinho, Canabrava, Cassarongongo, Fazenda Belém, Gomo, Mata de São João, Norte Fazenda Caruaçu, Remanso, Rio dos Ovos, Rio Subaúma, São Pedro and Sesmaria. Petrobras is operator with 100% stake. With the deal’s close, Petrorecôncavo becomes the concessionary of the fields and a current service contract between the two companies for production operations and project implementation in many of the fields in the cluster—in place since 2000—will be terminated.
Average production of the cluster from January to November 2020 was 3,900 b/d of oil and 75,000 cu m/d of natural gas.
The sale value is $30 million comprised of $4 million paid upon agreement, $21 million at closing, and $5 million 1 year after closing. Closing is subject to conditions, including approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
In December 2019, Petrorecôncavo acquired Petrobras’s stake in the Riacho da Forquilha Cluster and recently acquired a new exploratory block in Potiguar basin.
