Petrobras Completes Sale of Polo Norte Capixaba Oil Fields
13 April 2023 - 10:27PM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Petróleo Brasileiro SA said Thursday it has completed
the sale of four onshore oil field concessions in Brazil's Espirito
Santo state to Seacrest Petróleo SPE Norte Capixaba Ltda.
The state-controlled oil company known as Petrobras said it
received a cash payment of $426.7 million for the Polo Norte
Capixaba fields and their integrated facilities, plus $35.9 million
paid to the company when the sale contract was signed last
year.
Petrobras said it could receive up to $66 million more in
contingency payments based on the futures price for Brent crude
oil.
The four fields together produced about 4,600 barrels of oil per
day in the first quarter, and 21,800 cubic meters of natural gas
per day, Petrobras said.
Petrobras has been selling off non-core assets such as onshore
oil fields, shallow-water offshore fields and stakes in fuel
distributors, to focus on production from the rich fields in the
deep water off the coasts of São Paulo and Rio de Janeiro
states.
The new government of left-wing President Luiz Inácio Lula da
Silva wants Petrobras to halt the sale program and boost investment
in areas apart from offshore production in order to help spur
economic growth. The oil company said recently it will review its
sale plan, except for those for which contracts have already been
signed.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
April 13, 2023 08:12 ET (12:12 GMT)
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