Petroleo Brasileiro (Petrobras) has agreed to divest its stake in Cricaré cluster that comprises 27 onshore exploration and production concessions located in Espírito Santo, Brazil.
Karavan SPE Cricaré, a specific purpose entity (SPE), which will be owned by Karavan O&G Participações e Consultoria and Seacrest Capital Group, with 51% and 49% interests respectively, will acquire the stake in the concessions for $155m.
The concessions are located in the state of Espírito Santo, in São Mateus, Jaguaré, Linhares and Conceição da Barra cities.
Petrobras said that the average production at the Cricaré cluster was approximately 1.7 thousand barrels of oil per day (bpd) and 14,000m3 of natural gas per day from January to June this year.
For the deal, Karavan will pay $11m on contract signing day, further $26m will be paid while closing of the transaction and the remaining $118m will be paid as contingent payments foreseen in the contract.
Petrobras holds 100% stake in the Cricaré cluster that consists of 27 onshore fields
The company is the operator with 100% stake in the Cricaré cluster that comprises Biguá, Cacimbas, Campo Grande, Córrego Cedro Norte, Córrego Cedro Norte Sul, Córrego Dourado and Córrego das Pedras onshore fields.
It also includes the fields of Fazenda Cedro, Fazenda Cedro Norte, Fazenda Queimadas, Fazenda São Jorge, Guriri, Inhambu, Jacutinga, Lagoa Bonita, Lagoa Suruaca, Mariricu, Mariricu Norte, Rio Itaúnas, Rio Preto, Rio Preto Oeste, Rio Preto Sul, Rio São Mateus, São Mateus, São Mateus Leste, Seriema and Tabuiaiá.
Recently, the company has signed an agreement with SPE Rio Ventura, a wholly-owned subsidiary of 3R Petroleum e Participações to sell its stake in Rio Ventura cluster which comprises eight onshore fields in the Brazilian state of Bahia.
