3R sees no risk of discontinuity of Petrobras divestments

(MegaWhat) One of the main participants in the divestment program of Petrobras, in number of closed deals, the Brazilian 3R Petroleum sees no risk of discontinuity of the plan for the sale of assets of the state company of onshore fields, with the new management. For the company, which won six bids and still participates in other processes underway in the Petrobras program, the sale of smaller assets is a strategy of the oil company that should not be reviewed in the short term.

“We do not see any risk of reversing these processes, especially in the upstream, in E&P [Exploration and Production]. For Petrobras to make the decision to sell some fields, or many small fields, it is because it has a very attractive portfolio with other very large opportunities, which is the case with the pre-salt. I don’t see any change in the short term, ”said 3R Petroleum’s founder and president, Ricardo Savini, to MegaWhat. “We are still participating in some processes with Petrobras. It has a final straight line of selling onshore assets ”.

3R gained prominence in the oil and gas sector by winning its first tenders in Petrobras’ divestment program. In November last year, the company gained notoriety in the financial market, with an initial public offering (IPO), carried out in November. And, in March of this year, it made a subsequent offer of shares (follow-on).

With the two operations in the market, the company raised approximately R$ 1.5 billion. The funds, according to Savini, will be used to meet the financial commitments related to the purchase processes of the assets already negotiated.

Of the six businesses, one has already been completed, referring to the Macau Polo, which includes a set of onshore fields in Rio Grande do Norte. The company expects to complete the purchase of the other five hubs in 2021.

According to data registered with the National Agency of Petroleum, Natural Gas and Biofuels (ANP), the current production in the six hubs to be operated by 3R totaled 19.2 thousand barrels of oil equivalent (boe) per day in February this year. Of this total, 16 thousand boe / d refers to the company’s participation in these fields.

The company’s strategy is to invest in the revitalization of these areas. “With the revitalization of these fields alone, we should already make an important leap in production. Our forecast is little more than doubling our production, from 16,000 boe / day. We are talking about reaching 35,000 boe / day in 2025, ”said Savini, according to booking certifications made by Degolyer & MacNaughton’s and Gaffney Cline.

According to him, the forecasted volume of the company’s future production may increase, if it wins in new Petrobras processes. For new businesses, the company will be able to evaluate new financing strategies.

In the medium and long term, the company’s plans are to evaluate the secondary market for E&P assets in Brazil, with a focus on production, and to analyze internationalization opportunities, especially in the Americas.

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