3R Petroleum to Acquire Recôncavo Cluster From Petrobras for $250 Million

Updated 9 months 1 week ago

Petrobras has signed a contract with 3R Petroleum for the sale all of its stakes in fourteen onshore exploration and production fields, called Recôncavo Cluster, located in the state of Bahia. The sale value is $250 million with $10 paid up front and $240 million due at closing. The Cluster comprises the onshore fields of Aratu, Ilha de Bimbarra, Mapele, Massui, Candeias, Cexis, Socorro, Dom João, Dom João Mar, Pariri, Socorro Extensão, São Domingos, Cambacica, and Guanambi, located in the state of Bahia. Petrobras is the operator with 100% interest in these concessions, with the exception of Cambacica and Guanambi, in which it holds a majority stake of 75% and 80%, respectively. The average production of the Recôncavo Cluster from January to November 2020 was approximately 2,145 barrels of oil per day and 465,000 cubic meters per day of natural gas.