Petrobras wraps up sale of onshore fields
Brazilian energy company Petrobras said July 14 that it had concluded the sale of eight onshore oil- and gas-producing fields to a national counterpart.
The divestment streak continues for the company known formally as Petroleo Brasileiro. The company said that it concluded the sale of fields, collectively known as the Rio Ventura cluster, to 3R Rio Ventura, a subsidiary of 3R Petroleum Oil and Gas.
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The transaction was concluded with the payment of $33.9mn to Petrobras, which is in addition to the $3.8mn paid on signing. Petrobras said it expects another $16mn, paid over 30 months, and up to another $43.2mn of contingent payments related to the future price of oil.
The fields, all in the Brazilian coastal state of Bahia, averaged 40,800 m3/day of natural gas, as well as minor quantities of oil.
The Brazilian company has been looking for buyers for some of its upstream, midstream and downstream assets in an effort to raise more capital for investments in the country’s deepwater fields and pay down its debts.
Last week, the company said it was in the process of selling off its interest in exploration blocks in the offshore Potiguar basin. Petrobras holds a 70% stake in the concession while the remaining interest is held by Angola's Sonangol, which also plans to divest.
Petrobras during the first quarter reported positive cash flow of $5.6bn, while debt reduction of $18.3bn brought its burden down to $71bn.