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Petrobras (PBR) to Sell Its Entire Stake in Onshore Fields of Sergipe
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Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) recently inked a deal to sell its overall stake in Rabo Branco field to Energizzi Energias do Brasil Ltda. Per the terms of the deal, the buyer will make full payment of $1.5 million to the seller. Management confirms that the plan is in sync with the company’s strategy to cut costs and improve its capital allocation.
The onshore field of Rabo Branco is located to the south of the Carmópolis field in the Sergipe-Alagoas Basin of the state of Sergipe. The state-run energy giant owns 50% stake in this concession while the remaining is held and operated by Produção de Óleo e Gás Ltda. or Petrom. On average, the Rabo Branco field produced 138 barrels per day of oil from the beginning of this year until October.
Upon fulfilling all the necessary conditions, the sale will be closed. Among the divestment clauses, one key requisite is that Petrom (Petrobras' current partner in Rabo Branco) should not exercise its pre-emptive right in the transaction while the other is the approval of the ANP.
Last week, Petrobrasclosed the divestiture of its full ownership in four onshore fields at the Tucano Basin site in the far-flung regions of the state of Bahia. Petrobras sold its entire interest to Eagle Exploração de Óleo e Gás Ltda (Eagle).
Petrobras earned $2.571 million from this sale, which was concluded upon completing all the customary conditions. The amount is added to the sum of $602,000 that the company received at the time of signing the sale contract, thus totaling the proceeds to $3.173 million.
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. The activities also include 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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Petrobras (PBR) to Sell Its Entire Stake in Onshore Fields of Sergipe
Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) recently inked a deal to sell its overall stake in Rabo Branco field to Energizzi Energias do Brasil Ltda. Per the terms of the deal, the buyer will make full payment of $1.5 million to the seller. Management confirms that the plan is in sync with the company’s strategy to cut costs and improve its capital allocation.
The onshore field of Rabo Branco is located to the south of the Carmópolis field in the Sergipe-Alagoas Basin of the state of Sergipe. The state-run energy giant owns 50% stake in this concession while the remaining is held and operated by Produção de Óleo e Gás Ltda. or Petrom. On average, the Rabo Branco field produced 138 barrels per day of oil from the beginning of this year until October.
Upon fulfilling all the necessary conditions, the sale will be closed. Among the divestment clauses, one key requisite is that Petrom (Petrobras' current partner in Rabo Branco) should not exercise its pre-emptive right in the transaction while the other is the approval of the ANP.
Last week, Petrobrasclosed the divestiture of its full ownership in four onshore fields at the Tucano Basin site in the far-flung regions of the state of Bahia. Petrobras sold its entire interest to Eagle Exploração de Óleo e Gás Ltda (Eagle).
Petrobras earned $2.571 million from this sale, which was concluded upon completing all the customary conditions. The amount is added to the sum of $602,000 that the company received at the time of signing the sale contract, thus totaling the proceeds to $3.173 million.
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. The activities also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.
Zacks Rank & Key Picks
Petrobras currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Transocean Ltd. (RIG - Free Report) , Noble Corporation (NE - Free Report) and Antero Midstream Corporation (AM - Free Report) , each presently holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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