OP Energia Ltda. and DBO Energia SA agreed to form a 50-50 consortium to acquire Espirito Santo basin Peroá cluster assets off Brazil from Petróleo Brasileiro SA (Petrobras). OP Energia, a wholly owned subsidiary of 3R Petroleum Óleo e Gás SA, will serve as operator.
In the deal, Petrobras will sign over all its interests in Peroá and Cangoá fields as well as its interest in concession BM-ES-21 (Malombe discovery evaluation plan) for $55 million, comprised of $5 million upfront, $7.5 million at closing, and $42.5 million in foreseen contingent payments related a commerciality declaration of Malombe, future oil prices, and extension of the concessions term.
Petrobras holds 100% interest in shallow water fields Peroá and Cangoá, whose average production in 2020 was 658,000 sq m/d of non-associated gas, and 100% interest in the deepwater BM-ES-21 exploratory block where Petrobras discovered a natural gas accumulation (Malombe) in 2014 (OGJ Online, Oct. 6, 2014).
Closing is subject to conditions, including approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).