Petrobras and 3R Petroleum negotiate the sale of Potiguar cluster assets

Petrobras and 3R Petroleum negotiate the sale of Potiguar cluster assets

30 Aug 2021

Petrobras announced that it has entered into talks with 3R Petroleum to divest its Potiguar cluster assets to the latter for more than US$1bn. Located in the state of Rio Grande do Norte, the Potiguar cluster assets involved in the sale process include a set of 26 concessions of producing onshore and shallow water fields located in the Potiguar Basin, as well as the Clara Camarão refinery.

Petrobras said that it had got binding offers from potentially interested parties for acquiring the assets. However, 3R Petroleum prevailed over them by submitting the best proposal. The company added that, in addition to receipt of the required corporate approvals, the signing of the deal will be contingent on the results of the negotiations.

The Brazilian national oil and gas company has initiated a non-binding phase regarding the sale of all its stakes in the Potiguar cluster in September 2020. The sale process had been taken up by the company to implement its portfolio optimisation strategy and enhance its capital allocation.

Besides, the sale of the assets will help the company to increase its resources in world-class assets in deep and ultra-deep waters.

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