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    Petrobras sheds another onshore field cluster

Summary

The Carmopolis area comprises 11 production concessions in the Brazilian state of Sergipe.

by: Joseph Murphy

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Complimentary, NGW News Alert, Natural Gas & LNG News, Americas, News By Country, Brazil

Petrobras sheds another onshore field cluster

Brazil's state-owned Petrobras announced on December 23 it had sold its interest in the onshore Carmopolis area to Carmo Energy for $1.1bn. 

Petrobas will be paid $275mn up front for the assets, followed by a further $550mn when the deal is closed, it said. Another $275mn will come one year after closure. The transaction will need regulatory approval, the company said.

The Carmopolis area comprises 11 production concessions in the Brazilian state of Sergipe, with access to oil and gas processing, storage and transportation infrastructure. The cluster flowed 7,600 barrels/day of oil and 43,000 m3/d of gas in November. Petrobras is the 100% owner.

Petrobras is on an extensive divestment programme, aimed at reducing its debt and raising capital for investment in core deep-water projects.