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Petrobras sells clutch of Sergipe basin producing assets for $1.1bn

Brazilian state-controlled oil company Petrobras has agreed to the sale of a cluster of onshore producing fields and integrated facilities in the Sergipe basin for $1.1 billion.

Back in October 2020, Petrobras launched the divestment process of 11 mature fields in Sergipe, including one of its oldest and largest onshore developments in Brazil.

According to a press release issued just before Christmas Day, Petrobras sold its 100% stakes in the Carmopolis, Aguilhada, Angelim, Aruari, Atalaia Sul, Brejo Grande, Castanhal, Ilha Pequena, Mato Grosso, Riachuelo and Sirizinho fields to Spanish group Cobra.

As part of the transaction, Cobra will make a $275 million down payment, plus $550 million at the closing of the transaction, and another $275 million a year after the deal is completed.

The so-called Carmopolis cluster is one of the most active onshore locations in Brazil, with almost 3000 wells in operation.

The 11 concessions combined produced on average 7600 barrels per day of oil and 43,000 cubic metres per day of natural gas from January to November, said Petrobras.

Included in the sale package are the Tecarmo waterway terminal, the 48.6-kilometre Bonsucesso-Atalaia oil pipeline, 11 oil treatment stations, a gas treatment station and another 300 kilometres of pipeline infrastructure and production facilities.

One of the oldest fields in operation in Brazil, Petrobras started output at Carmopolis in October 1963. It is also the largest onshore development in the country and originally had in place volumes of 1.76 billion barrels of oil equivalent.

Read More: Petrobras sells clutch of Sergipe basin producing assets for $1.1bn

2021-12-26 19:41:00

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