Brazil's oil and gas corporation Petrobras on Friday signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to US$ 25 million and is subject to adjustments that are common to this type of operation.
These fields are located in the Campos Basin, between 480 and 850 meters depth. Daily production averages 22 thousand barrels of oil and 325 thousand m3 of associated gas. The oil extracted is light, between 28º to 31º API.
As part of the Petrobras’ Divestment Plan, this operation is related to the portfolio optimization in the Exploration and Production area, and is in line with the 2015-2019 Business and Management Plan.
The conclusion of the purchase and sale transaction between the parties is subject to certain preceding conditions, including the approval of an assignment of rights by the Board of Directors of the Brazilian Administrative Council for Economic Defense, CADE and the Brazilian National Petroleum Agency, ANP.