Petrobras Clears Sale Of Several Espirito Santo Assets

Brazilian oil major Petrobras has approved the sale of its total stake in the maritime concession groups named Golfinho Cluster and Camarupim Cluster in the post-salt deep waters, located in the Espírito Santo Basin, to BW Energy.

Petrobras said that the signing of the sale and purchase agreement and the subsequent steps would be disclosed to the market in due course.

The total amount of the sale is up to $75 million, being $3 million paid on the date of the signing of the sale and purchase agreements, $12 million to be paid at the closing of the transaction, and up to $60 million in contingent payments, depending on future Brent prices and asset development.

The amounts do not consider adjustments due until the closing of the transaction, which is subject to compliance with certain precedent conditions, such as the approval by the Administrative Council for Economic Defense and Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

This operation is aligned with the portfolio management strategy and the improved allocation of the company's capital, aiming to maximize value, and a greater return to society.

As for the assets, the Golfinho Cluster is located in water depths between 1,300 and 2,200 meters, comprising the Golfinho field, an oil producer, and the Canapu field, a non-associated gas producer as well as the exploration block BMES-23.

The Camarupim Cluster is in water depths between 100 and 1,050 meters, comprising the unitized Camarupim and Camarupim Norte fields, both of non-associated gas.

Petrobras holds a 100 percent stake in the Golfinho and Camarupim Clusters concession groups, except for exploratory block BM-ES-23, in which it holds a 65 percent majority stake in partnership with PTTEP and Inpex which hold 20 and 15 percent, respectively. Petrobras is the operator in all the concessions.

The average total production of the Golfinho field from January to May 2022 was 8.6 thousand bpd of oil and 90 thousand cubic meters per day of gas. The other areas are not in production.

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