Deal Insight
Petrobras sells Potiguar Basin assets to 3R Petroleum for US$1.4 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 31 January 2022, 3R Petroleum agreed to buy a 100% stake in a set of 22 onshore and shallow water production fields collectively called the Potiguar cluster in Brazil's northeastern region. The deal also includes infrastructure for processing, refining, logistics, storage, transport and outflow of oil and natural gas, located in the Potiguar Basin. The consideration is US$1.38 billion and will be paid in three instalments. A payment of US$110 million was executed on the signing date, US$1.04 billion will be completed on the transaction closing date, and US$235 million will be paid in four annual instalments of US$58.75 million starting in March 2024, subject to adjustments. No terms were disclosed and the closing of the deal is subject to customary conditions, including government approval.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
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Upsides and risks
- Upside: production uptick
- Upside: lower lifting costs
- Upside: well costs
- Upside: reduced royalties
- Risk: investment allocation
- Risk: marketing reliance on Petrobras
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Strategic rationale
- Petrobras
- 3R Petroleum
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Upstream assets: Table 1Deal analysis: Table 1
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Deal analysis: Table 2Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Net annual capex
What's included
This report contains:
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