August 9, 2019 – Petróleo Brasileiro S.A.
Petrobras reports that today it signed an SPE with 3R Petroleum S.A., a wholly owned subsidiary of 3R Petroleum e Participações S.A., a contract for the sale of its entire working interest in a set of onshore and maritime producing fields in the Potiguar
Basin, denominated Macau Cluster, located in the state of Rio Grande do Norte.
The Macau Cluster comprises the fields Aratum, Macau, Serra, Salina Cristal, Lagoa Aroeira, Porto Carão and Sanhaçu. Petrobras owns 100% of these fields, except in the concession of Sanhaçu, in which it is the operator with a 50% interest, while the remaining 50% belongs to Petrogal. The current total oil and gas production from these fields is about 5,800 barrels of oil equivalent per day.
The sale price is US$ 191.1 million, paid in two installments: (i) US$ 48 million upon signing the agreement; and (ii) US$ 143.1 million upon transaction closing, adjustments due not included. The transaction closing is subject to the fulfillment of precedent conditions, such as the approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The transaction is compliant with the Petrobras’ Divestment Methodology and in line with the provisions of the special procedure for the sale of the rights to exploration, development and production of oil, natural gas and other fluid hydrocarbons, provided for in Decree 9355/2018. The transaction is in line with the company´s portfolio optimization and improvement of capital allocation, aiming at generating value for our shareholders.
3R Petroleum is a Brazilian oil and gas company focused on the redevelopment of mature onshore fields, with the financial support of funds managed by Starboard Asset Ltda., a Brazilian alternative investment management company focused on long-term operations in private equity and private credit.