PetroleoBrasileiro S.A.or Petrobras (PBR - Free Report) recently announced that it completed the transfer of its 10% stake in the Lapa field to global integrated oil and gas company TotalEnergies (TTE - Free Report) .
The deal, which also included the assignment of Petrobras Netherlands B.V.'s (PNBV) whole interest in Lapa Oil & Gas B.V., a business in Holland, was concluded with the payment of $49.4 million to Petrobras with contract changes.
The Lapa field (BM-S-9A block) has its address in the pre-salt area of the Santos Basin. Its average output in the first half of this year was 50.7 thousand barrels of oil equivalent per day (boe/d) with Petrobras accounting for 5.07 thousand boe/d share.
The company will no longer have an interest in the Lapa field. With the conclusion of the agreement, TotalEnergies now owns 45% of the Lapa field whilethe rest is held by Royal Dutch Shell's Brazilian unit Shell Brasil Petróleo (30%), and Repsol (REPYY - Free Report) and Sinopec’s local joint venture Repsol Sinopec Brasil (25%).
This deal is another milestone in the currently Zacks Rank #1 (Strong Buy) Petrobras and TotalEnergies' strategic cooperation, and it is in line with the company's portfolio optimization and capital allocation strategy, which aims to maximize its shareholder value. You can see the complete list of today’s Zacks #1 Rank stocks here.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.
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PetroleoBrasileiro S.A.or Petrobras (PBR - Free Report) recently announced that it completed the transfer of its 10% stake in the Lapa field to global integrated oil and gas company TotalEnergies (TTE - Free Report) .
The deal, which also included the assignment of Petrobras Netherlands B.V.'s (PNBV) whole interest in Lapa Oil & Gas B.V., a business in Holland, was concluded with the payment of $49.4 million to Petrobras with contract changes.
The Lapa field (BM-S-9A block) has its address in the pre-salt area of the Santos Basin. Its average output in the first half of this year was 50.7 thousand barrels of oil equivalent per day (boe/d) with Petrobras accounting for 5.07 thousand boe/d share.
The company will no longer have an interest in the Lapa field. With the conclusion of the agreement, TotalEnergies now owns 45% of the Lapa field whilethe rest is held by Royal Dutch Shell's Brazilian unit Shell Brasil Petróleo (30%), and Repsol (REPYY - Free Report) and Sinopec’s local joint venture Repsol Sinopec Brasil (25%).
This deal is another milestone in the currently Zacks Rank #1 (Strong Buy) Petrobras and TotalEnergies' strategic cooperation, and it is in line with the company's portfolio optimization and capital allocation strategy, which aims to maximize its shareholder value. You can see the complete list of today’s Zacks #1 Rank stocks here.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.
Zacks Naming Top 10 Stocks for 2024
Want to be tipped off early to our 10 top picks for the entirety of 2024?
History suggests their performance could be sensational.
From 2012 (when our Director of Research, Sheraz Mian assumed responsibility for the portfolio) through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2024. Don’t miss your chance to get in on these stocks when they’re released on January 2.
Be First to New Top 10 Stocks >>
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