PetroReconcavo unit to acquire Miranga cluster assets from Petrobras

Feb. 26, 2021
SPE Miranga, a wholly owned subsidiary of PetroReconcavo, has agreed to purchase 100% stake in nine onshore exploration and production fields in the state of Bahia (Miranga cluster) from Petróleo Brasileiro SA (Petrobras).

SPE Miranga, a wholly owned subsidiary of PetroReconcavo, has agreed to purchase 100% stake in nine onshore exploration and production fields in the state of Bahia (Miranga cluster) from Petróleo Brasileiro SA (Petrobras).

The Cluster comprises Miranga, Fazenda Onca, Riacho Sao Pedro, Jacuipe, Rio Pipiri, Biriba, Miranga Norte, Apraius, and Sussuarana fields where Petrobras is operator with 100% interest. Average production from the cluster in 2020 was 899 b/d of oil and 376,800 cu m/d of natural gas.

Total consideration for the assets is $220.1 million, of which $11 million was paid upon contract signing. Another $44 million is to be paid at closing, $80.1 million will be deferred in three installments over 3 years from closing, and up to $85 million are contingent payments related to future oil prices.

Closing is subject to conditions, including approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP).