Brazil’s 3R Petroleum Negotiating Potiguar Purchase

Sale of the assets could raise around $1 billion.

3R Petroleum logo

Petrobras is in talks with 3R Petroleum to sell a group of assets in the Potiguar basin for more than $1 billion. In a recent securities filing, Petrobras revealed that 3R presented the best offer in public bidding for the assets in the northeastern state of Rio Grande do Norte, known collectively as Polo Potiguar.

The assets include 23,000 B/D of onshore and shallow-water oil production, according to 2020 bidding documents. It also includes the Potiguar Clara Camarao Refinery, which has installed capacity of 39,600 B/D.

For 3R, the acquisition would more than double the company’s oil production and launch it into the top tier of Brazil’s independent producers, along with Enauta Participacoes and PetroRio.

A successful sale would eliminate a noncore asset for Petrobras in a bid to reduce debt and focus on deepwater oil production.