Petrobras Sells Rights in 37 Oilfields for $823MM

Petrobras Sells Rights in 37 Oilfields for $823MM
Brazil's state-controlled oil company is selling its stakes in dozens of oilfields for $823 million.

Petróleo Brasileiro S.A. (Petrobras) has entered into two separate transactions to sell its rights to a total of 37 oilfields for $823.1 million, the company announced Wednesday.

Petrobras is selling stakes in 34 onshore production fields to 3R Petroleum, an oil and gas company based in Brazil, for $453.1 million.

The mature fields are located in the Potiguar Basin in the northwest region of Brazil and have a current production of about six thousand barrels of oil per day.  

Under the agreement, $34 million will be paid upon signing with the remaining amount to be paid at the closing of the transaction.

In a separate transaction, Petrobras has agreed to sell stakes in three fields located in shallow waters off the coast of Rio de Janeiro state to independent European company Perenco, for $370 million. Twenty percent ($74 million) will be paid upon signing and the remainder will be paid in the closing of the transaction. 

Currently, these fields’ integrated production system consists of seven jacket fixed platforms which currently produce 9,000 barrels of oil per day.


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