3R Petroleum targets partnerships and divestments in infrastructure in Guamaré – Potiguar Cluster

(epbr) After taking over the operation of the Potiguar Cluster in June, 3R Petroleum is now seeking partnerships and divestments of some assets that make up the industrial asset of Guamaré (RN), said this the company’s financial director, Rodrigo Pizarro .

The executive also ruled out, for the time being, plans to increase the capacity of the Clara Camarão Refinery, involved in the acquisition.

The focus of the oil and gas company is the exploration and production of oil and gas – which in the Potiguar Cluster is integrated with natural gas refining and processing assets, for example.

According to Pizarro, 3R is open to partnerships and partial sales of assets, especially in the midstream (transport and storage of oil and gas) and downstream (benefiting and marketing). The director mentioned that eventual negotiations may “represent some cash inflow in the next two quarters”.

Polo Potiguar, purchased from Petrobras, includes:

22 oil and gas fields, as well as the entire infrastructure and pipeline systems that support the operation;
and the Guamaré industrial asset, which comprises the natural gas processing units (UPGNs), the Clara Camarão refinery and the Guamaré Waterway Terminal (private use terminal).
“Since we signed Potiguar, we have evaluated the midstream and downstream both as a partnership and as a partial sale of assets, which do not directly or substantially affect our Ebitda [earnings before interest, taxes, depreciation and amortization]”, said Pizarro, during conference call with analysts.

The executive added that other assets that are not 100% part of the company’s core business may be included in the divestment.

He mentioned, as part of the company’s central focus, integrated production in Rio Grande do Norte and the Papa-Terra Cluster (Campos Basin).

“In the midstream and downstream there are more objective possibilities for partial sales, of smaller assets, and partnerships in the short and medium term. Other evaluations in larger assets, such as Fazenda Belém [CE], or a certain stake in Bahia, we are evaluating [the divestment or partnership]”, he added.

Pizarro also highlighted the possibility of 3R providing services to trading companies or distributors in Guamaré assets, as a way of reducing the company’s risks in midstream and downstream operations.

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