PetroReconcavo completes the acquisition of Maha Energy Brasil

The independent operator PetroReconcavo announced the completion of the acquisition of 100% of the shares of Maha Energy Brasil, an exploration and production company headquartered in Rio de Janeiro and with onshore operations in Bahia and Sergipe. The deal involved US$ 138 million and was announced in December last year. With the acquisition, PetroReconcavo now operates the Tiê concession (100%) and exploratory blocks in the Recôncavo Basin – assets that are in areas neighboring the oil company’s operations. In addition, the transaction also includes a 75% stake in the Tartaruga concession, in partnership with Petrobras, in the Sergipe-Alagoas Basin (Sergipe).

“The geographical position of the acquired assets will enable future integration with the Company’s operations, aiming to capture operational synergies and optimize resources, with production potential added to our execution capacity. The new acquisition reinforces our expansion and consolidation plan in the Brazilian onshore”, explains the CEO of PetroReconcavo, Marcelo Magalhães.

The average production of Maha Energy’s participation in the Tiê and Tartaruga fields in January this year was 2,018 barrels of oil per day (bopd) and 48,000 m³/day of natural gas. With the closing, PetroReconcavo will operate, as of this date, 60 oil and natural gas fields and hold rights over the concession contracts of 6 exploratory blocks, in addition to participation in a concession operated by third parties.

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