Business/economics

Petrorecôncavo Buys Petrobras’ Onshore Bahian Stake for $30 Million

Since 2000, Brazilian Petrorecôncavo, which specializes in revitalizing mature onshore fields, has performed operations and project implementation services in most fields of the Remanso Cluster.

Oil of Bahia
Map of Bahia being fueled by oil. Gas pump fueled map. On the map there is glass reflection. Brazilian state. Conceptual. Oil producing or importing regions.
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Brazilian operator Petrobras on 23 December signed a contract with independent producer Petrorecôncavo to sell its entire stake in 12 onshore E&P fields, the Remanso Cluster, in the state of Bahia.

The sale value for the fields was $30 million; $4 million was paid on signing, $21 million at the closing of the transaction, and $5 million will be paid 1 year after that.

The Remanso Cluster comprises the onshore fields of Brejinho, Canabrava, Cassarongongo, Fazenda Belém, Gomo, Mata de São João, Norte Fazenda Caruaçu, Remanso, Rio dos Ovos, Rio Subaúma, São Pedro, and Sesmaria.

Average production there from January to November 2020 was approximately 3,900 B/D and 75,000 scf/D of natural gas.

Since 2000, Brazilian Petrorecôncavo, which specializes in revitalizing mature onshore fields, has performed operations and project implementation services in most fields of this cluster. Upon purchasing Petrobras’ stake in the Remanso Cluster, Petrorecôncavo became the concessionary of the fields and its current service contract was terminated.

On 11 December, Petrobras closed a $3.173 million deal to divest of its full ownership in four onshore fields at the Tucano Basin site in Bahia. Petrobras sold its entire interest to Eagle Exploração de Óleo e Gás.

In December 2019, Petrorecôncavo bought Petrobras’ stake in the Riacho da Forquilha Cluster and acquired a new exploratory block in the Potiguar Basin.