Petrobras Details Potiguar Cluster Asset Sale to 3R

Operator will receive $1.38 billion for cluster of 22 concessions in the Potiguar basin.

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Petrobras has signed a deal to sell 100% of its interest in 22 concessions of onshore and offshore production fields, along with its infrastructure situated in the Potiguar basin (together called the Potiguar Cluster) in the Rio Grande do Norte, north of Brazil, to 3R Potiguar, which is a wholly owned subsidiary of 3R Petroleum Óleo e Gás, for $1.38 billion. The transaction also includes the Potiguar Clara Camarao refinery with a processing capacity of 39,600 BOPD.

3R Potiguar will pay Petrobras $1.04 billion at closure and four annual installments of $58.75 million each until March 2024. The agreement will require regulatory approval from Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

The Potiguar Basin comprises three subclusters (Canto do Amaro, Alto do Rodrigues, and Ubarana), having an aggregate of 22 fields across 19 onshore and three offshore concessions, and incorporates access to the infrastructure necessary for processing, refining, logistics, storage, transportation, and export of oil and natural gas. Ubarana subcluster concessions are in shallow waters around 10 km and 22 km off the coast of the municipality of Guamaré-RN, while subclusters Canto do Amaro and Alto do Rodrigues are onshore. The average output from three of these subclusters last year was 20,600 BOPD and 58100 m3/d of natural gas.