Petrobras Sells 34 Onshore Fields to PetroReconcavo

Updated 1 year 9 months ago

3R Petroleum originally bid USD 453 million on 34 fields located in the Brazilian state of Rio Grande do Norte in November 2018 but failed to secure financing for the transaction. Reuters reported in March 2019 that Petrobras and PetroReconcavo had entered into direction negotiations for the fields. Petrobras announced the sale of these assets to PetroReconcavo in April 2019 for USD 384 million, and this was approved by the Brazilian antitrust regulator in May. The sale closed on December 9, 2019 to PetroReconcavo for USD 266 million.