Petrobras Offloads Offshore Gas Fields
Brazil's Petrobras has reached a deal to sell the Peroa field cluster in the offshore Espirito Santo basin to local firms OP Energia and DBO Energia for up to $55mn, it said on February 1.
Petrobras will transfer its 100% interests in the mature Peroa and Cango fields and in the BM-ES-21 concession containing the Malombe discovery. Peroa and Cango produced 658,000 m3/day of gas in 2020.
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OP Energia and DBO Energia will take 50% stakes each in the projects. They have already paid $5mn and will pay a further $7.5mn on the deal's completion and make up to $42.5mn in contingent payments depending on oil prices, whether Malombe will be declared as commercial, and the extension of concession terms.
Petrobras is on a major divestment programme, seeking buyers for various upstream, midstream and downstream assets to reduce its leverage and raise capital for investing in its deepwater offshore fields, where the company "has shown great competitive edge over the years," it said. One of the assets it is marketing is a 51% interest in the Brazil-Bolivia gas pipeline.