Petrobras completes sale of onshore acreage
Brazilian energy company Petrobras said December 29 it concluded the sale of its entire holdings in 27 onshore exploration and production assets in the Espirito Santo basin.
“This transaction is in line with the company's portfolio management strategy and the improved allocation of its capital, aiming to maximize value and provide greater return to society. Petrobras is increasingly concentrating its resources on assets in deep and ultradeep waters, where it has shown a great competitive edge over the years, producing better quality oil and with lower greenhouse gas emissions,” the company, known formally as Petroleo Brasileiro, stated.
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The sale concluded with a final payment of $27mn, on top of the $11mn paid on signing in August. The company can expect another $118mn in contingent payments tied to future oil prices.
Production rates of crude oil and natural gas were relatively minor, though most of the output was in the form of natural gas.
The sale announced follows a December 23 announcement from Petrobras that it sold its interest in the onshore Carmopolis area to Carmo Energy for $1.1bn.
The Carmopolis area comprises 11 production concessions in the Brazilian state of Sergipe, with access to oil and gas processing, storage and transportation infrastructure. The cluster averaged 7,600 barrels/day of oil and 43,000 m3/d of gas in November.