Petrobras enters three asset-sale pacts

Petrobras has entered three agreements to sell pipeline and oil and gas producing interests in deals worth a total of $10.3 billion as part of a divestment program.

Petrobras has entered three agreements to sell pipeline and oil and gas producing interests in deals worth a total of $10.3 billion as part of a divestment program.

The agreements cover:

  • Ninety percent of the company’s stake in Transportadora Associada de Gas SA (TAG) to a combine of Engie and Caisse de Depot et Placement du Quebec for $8.6 billion. TAG operates 4,500 km of natural gas pipelines with throughput capacity of 74 million cu m/day in North, Northeast, and Southeast Brazil.
  • A 50% working interest in deepwater Tartaruga Verde oil and gas field and nearby Module III of Espadarte oil field in the Campos basin to Petronas Petroleo Brasil Ltda. for $1.2935 billion. Tartaruga Verde produces 103,000 b/d of oil and 1.2 million cu m/day of gas through a floating production, storage, and offloading vessel 127 km off Rio de Janeiro state. Development of Module III of Espadarte field is to be integrated with Tartaruga Verde, with production expected to begin in 2021. Petrobras retains 50% of and will continue to operate the fields.
  • All Petrobras interests in 34 producing onshore fields in Rio Grande do Norte state to Potiguar E&P SA, a subsidiary of Petroreconcavo SA, for $384.2 million.

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