Asset A&D

Ouro Preto Acquires the Remaining 65% Interest in the Pescada Cluster

By Shivangi Jain
July 10, 2020
a minute read

Petroleo Brasileiro SA (Petrobras) has signed an agreement with OP Pescada Óleo e Gás Ltda., a wholly-owned subsidiary of privately-held Brazilian independent Ouro Preto Óleo e Gás SA, to divest its operated 65% interest in three shallow-water fields located in the Potiguar basin. OP Pescada currently holds the remaining 35% interest in the fields.

The total consideration of US$1.5 million includes an initial cash payment of US$300,000 payable upon signing, with the remaining US$1.2 million payment due upon closing.

Rio de Janeiro-headquartered Ouro Preto was set up in 2010 by Rodolfo Landim, the former president of bankrupt Brazilian oil group OGX Petróleo e Gás Participações SA. The company currently holds both onshore and offshore interests across the Barreirinhas, Reconcavo, Potiguar, Parnaiba, Camamu, and Espirito Santo basins.

The Pescada, Arabaiana, and Dentão fields, jointly referred to as the Pescada Cluster, are located approximately 30 km off the coast of Rio Grande do Norte. During the first half of 2020, production from the cluster averaged approximately 1,378 barrels of oil equivalent per day (boe/d), of which 81% was gas.

“This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters,” Petrobras said in its press release.

The transaction is subject to customary closing conditions, including approval by the Brazil’s Conselho Administrativo de Defesa Econômica (CADE) and oil regulator Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).

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