Petróleo Brasileiro S.A.- Petrobras has signed with Perenco the contracts for the full sale of Petrobras’ stake in the fields of Pargo, Carapeba and Vermelho, the so-called Polo Nordeste, located in shallow waters off the coast of Rio de Janeiro state.

The assets

The Pargo field was discovered in 1975, and the fields of Carapeba and Vermelho in 1982, whereas their production was started in 1988. These concessions were granted to Petrobras in 1998 in the so-called Bidding Round Zero.

Currently, these fields’ production system is integrated and consists of seven jacket fixed platforms, with current production of approximately 9,000 barrels of oil per day, which is exported through the Garoupa platform (PGP-1) and goes to the continent via pipeline to the Cabiúnas Terminal. 

The transaction

The value of the transaction is US$ 370 million, 20% of which (US$ 74 million) to be paid on the signing and the remainder in the closing of the transaction, considering the adjustments due. 

Perenco will operate the assets from the closing of the transaction, which is subject the fulfillment of the precedent conditions defined in the contract of purchase and sale, such as the approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and issue of new Operation Licenses by IBAMA. 

This project was the result of a competitive process and is part of Petrobras’ Partnerships and Divestments Program, aligned to the 2018-2022 Business and Management Plan, which provides for continuous portfolio management and focus on investments in Brazilian deepwater.