NEWS

Petronas buys 50 pct equity in Brazilian deep water oilfields

Bernama

Published
Modified 30 Dec 2019, 2:57 am

Petronas’ subsidiary, Petronas Petróleo Brasil Ltda. (PPBL) on Dec 28, 2019, has announced the completion of the transaction for the acquisition of 50 percent equity in two Brazilian oilfields.

The Tartaruga Verde producing field (BM-C-36 Concession) and Module III of the Espadarte field (Espadarte Concession), are located in deep waters of the Campos Basin, offshore Brazil.

PPBL signed a sales and purchase agreement (SPA) with Petróleo Brasileiro S.A. (Petrobras), Brazil’s petroleum multinational corporation on April 25 2019. Petrobras, who is the operator, holds the remaining 50 percent equity.

The signing of the closing agreement to mark the completion of the acquisition was held in Rio De Janeiro, Brazil, on Dec 27 2019.

“The completion of the acquisition of Tartaruga Verde and Module III of Espadarte, as well as the three exploration blocks, won in the recent bid rounds in Brazil is testament to Petronas’ steady progress in expanding our oil business in South America.”

“We also look forward to this new partnership with Petrobras to meet Brazil’s energy aspirations,” Petronas executive vice president & chief executive officer of Upstream, Adif Zulkifli said.

Aside from expanding its portfolio in South America, Petronas has signed six new production sharing contracts (PSC), of which four PSCs in Malaysia and two in Gabon, in addition to the acquisitions of two offshore blocks in Egypt.

This is in line with Petronas’ three-pronged growth strategy to secure opportunities in prolific basins in expanding our core business for future cash generation. - Bernama

Share this story

By posting a comment, you agree to our Terms & Conditions as stipulated in full here

TERMS & CONDITIONS

Foul language, profanity, vulgarity, slanderous, personal attack, threatening, sexually-orientated comments or the use of any method of communication that may violate any law or create needless unpleasantness will not be tolerated. Antisocial behaviour such as "spamming" and "trolling" will be suspended. Violators run the risk of also being blocked permanently.

REPORT VIOLATORS

Please use the report feature that is available below each comment to flag offending comments for our moderators to take action. Do not take matters in your own hands to avoid unpleasant and unnecessary exchanges that may result in your own suspension or ban.