This transaction is in line with the company’s portfolio optimization and improvement of capital allocation, aiming at generating value for our shareholders
Image: Petrobras concludes sale of Pargo, Carapeba and Vermelho fields. Photo: Courtesy of rawpixel from Pixabay.
Petróleo Brasileiro, Petrobras, following up on the release of 11/28/2018, reports that today it completed the sale of its interests in Pargo, Carapeba and Vermelho fields, located in shallow waters off the coast of the State of Rio de Janeiro, to Perenco Petróleo e Gás do Brasil (Perenco).
After all precedent conditions had been met, the operation was completed with the payment of about US$ 324 million to Petrobras, including the adjustments provided for in the contract. This value adds to the amount of US$ 74 million paid to Petrobras upon signing of the contract.
This transaction is in line with the company’s portfolio optimization and improvement of capital allocation, aiming at generating value for our shareholders.
The Pargo field was discovered in 1975, and Carapeba and Vermelho fields in 1982, and its production began in 1988. These concessions were granted to Petrobras in 1998 in the so-called Round Zero biddings. The production system of these fields is integrated and comprises seven fixed jacket type platforms. With the closing of the transaction, Perenco becomes the operator of the fields.
Source: Company Press Release