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    Court order derails Petrobras asset sale: press


The Bahia-Terra cluster comprises 28 onshore gas and oil licences.

by: Callum Cyrus

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Court order derails Petrobras asset sale: press

Petrobras has received a court order to stop negotiations with PetroReconcavo and Eneva on the sale of its Bahia-Terra oil and gas cluster for $1.4bn, Reuters reported June 10.

The binding offer to Petrobras was announced March 22. The reasons for the court order remain unclear, but Petrobras will seek to have the ban overturned.

"The company will take all applicable legal measures in favour of its interests and those of its investors," Petrobras said in a securities filing, adding that the sale complied with its internal governance policies.

Bahia-Terra comprises 28 onshore gas and oil licences, which in early 2021 produced about 13,500 barrels/day of oil and 660,000 m3/day of natural gas. Under the acquisition agreement, PetroReconvaco would hold a 60% equity stake, while Eneva would have 40%.

This is the second time a potential deal for Bahia-Terra has gone astray. An earlier bid valuing the assets at more than $1.5bn collapsed in October 2021 after Petrobras failed to agree terms with the two suitors, Aguila Energia e Particpacoes and Infra Construtura e Servicos.