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01/03/2017 - 15:46hs

Petrobras sells off assets to Total

Agreements signed on Tuesday amount to USD 2.225 billion and include stakes in pre-salt oilfields.

Rio de Janeiro – Brazil’s state-run oil company Petrobras and France’s Total signed on to agreements this Tuesday (28) for the sale of Petrobras assets amounting to USD 2.225 billion, including a USD 1.675 billion payment for assets and services, an optional line of credit for USD 400 million concerning Petrobras’ investments in the Iara fields, and USD 150 million in contingent payments.

The deal includes an assignment of 22.5% of Petrobras’ rights to Total in the concession area known as Iara (comprising the Sururu, Berbigão and Oeste de Atapu fields), in the BM-S-11 Block of the Santos Basin pre-salt area.

Petrobras will remain the operator and majority stakeholder in the area, with 42.5%. The consortium for the area also includes BG E&P Brasil – a subsidiary of Shell’s -, with a 25% stake, and Petrogal Brasil, with 10%.

The deal also includes the assignment of 35% of Petrobras’ rights to the concession and operations at the Lapa field, in the BM-S-9 Block – also located in the Santos Basin’s pre-salt – to Total. The field has been in production since December 2016. This consortium also comprises BG E&P Brasil, with 30%, and RepsolSinopec Brasil, with 25%.

Petrobras also sold to total a 50% stake in the company Termobahia, including thermal power plants Rômulo de Almeida and Celso Furtado, in the state of Bahia. Both facilities are connected with the regasification terminal in São Francisco do Conde, Bahia, where Total will get access to fuel.

*Translated by Gabriel Pomerancblum

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