Seacrest Petroleo, an independent oil & gas production company with an integrated portfolio of onshore producing oil fields and export infrastructure onshore in Brazil’s Espírito Santo, has filed an arbitration request against Brazil’s state-owned oil & gas giant Petrobras over alleged subsea pipeline repair failures.
Namely, a court in Rio de Janeiro announced on December 27, 2024, an injunction preventing Petrobras from taking action for 30 days in respect of the non-payment by Seacrest Petroleo’s subsidiaries SPE Cricaré and SPE Norte Capixaba of a total of approximately $71 million of post-closing consideration due to Petrobras on December 31, 2024, for the acquisitions of the Cricaré and Norte Capixaba Clusters.
The claimants filed overnight a request for arbitration with the International Court of Arbitration of the International Chamber of Commerce (ICC), commencing an arbitration proceeding against Petrobras.
Namely, Seacrest Petroleo and its subsidiaries seek indemnification for all damages caused to the claimants as a result of Petrobras’ continued failure to complete repairs to the Terminal Norte Capixaba (TNC) subsea pipelines in accordance with the requirements of purchase agreements.
Read full article: https://www.offshore-energy.biz/petrobras-hit-with-arbitration-proceeding-over-subsea-pipeline-repair-failures/
Brazil Energy Insight 
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