Petrobras sells Potiguar fields, increases Brazil reserves

Offshore staff

RIO DE JANEIRO – Petrobras has approved the sale of its 100% ownership in 22 concessions in the Potiguar basin in Rio Grande do Norte, Brazil, to 3R Potiguar, a subsidiary of 3R Petroleum Óleo e Gás.

Total value of the transaction is $1.38 billion, although there could be adjustment on closing. The deal is subject to approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The Potiguar Cluster comprises three sub-clusters containing a total of 22 fields across three offshore and 19 onshore concessions, and includes access to infrastructure for processing, refining, logistics, storage, transportation, and export of oil and natural gas.

The shallow-water Ubarana sub-cluster concession is 10-22 km (6.2-13.7 mi) offshore the municipality of Guamaré-RN.

Average production from all three sub-clusters last year was 20,600 b/d of oil and 58,100 m³/d of natural gas.

Petrobras has also disclosed that its total proved reserves of oil, condensate, and natural gas was around 9.88 Bboe at the end of last year, with oil/condensate and natural gas comprising 85% and 15% of the total.

During 2021, the company recorded the highest reserves addition in its history, at 1.97 Bboe, a reserves replacement equivalent to 219% of the year’s production.

Main additions came from progress in the development of the Búzios field and the acquisition of the Transfer of Rights Surplus and a new partner agreement, and investments in new projects to raise recovery from other fields in the Santos and Campos basins.

Another factor was the rise in the oil price.

01/31/2022