Cade Approves Sale of Carmópolis Cluster to the Cobra Group

(epbr) The Administrative Council for Economic Defense (Cade) approved, without restrictions the acquisition of the Carmópolis Cluster, sold by Petrobras to Carmo Energy. The regulatory agency understood that there is no harm to the competitive environment in the oil and gas sector.

Carmo Energy, an affiliate of the Spanish group Cobra, will take over the operation of 11 fields associated with Carmópolis, in Sergipe. The deal was closed for US$ 1.1 billion, with US$ 275 million as a down payment; US$550 million at the closing of the transaction; and $275 million 12 months after closing. The transfer still depends on ANP approval.

Carmópolis is the largest onshore field in Brazil, with an original volume of 1.76 billion barrels of oil equivalent. It is also the oldest in Sergipe, with production starting in 1963.

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