Asset A&D

PetroRecôncavo Acquires the Miranga Cluster from Petrobras

By Mahati K L
February 25, 2021
a minute read
Miranga Cluster, Brazil

Brazilian national oil company Petroleo Brasileiro SA (Petrobras) has signed a contract with SPE Miranga SA, a unit of privately-held oil company PetroRecôncavo SA, for the sale of its 100% interest in a set of nine onshore fields in Brazil’s Bahia state, jointly known as the Miranga Cluster. Petrobras had launched a sale process for the assets in August 2017.

Under the terms of the agreement, the consideration of US$135,1 million will be paid in three tranches, including US$11 million payable upon signing, US$44 million at closing, and US$80.1 million as deferred payments to be made in three installments over three years after closing. In addition, PetroReconcavo could pay up to an additional US$85 million, contingent on future oil prices.

The Miranga Cluster covers a total area of approximately 121 sq. km, and is comprised of the Miranga, Fazenda Onça, Riacho São Pedro, Jacuípe, Rio Pipiri, Biriba, Miranga Norte, Apraiús, and Sussuarana fields. The concessions are grouped into production clusters, which share disposal and production treatment facilities and have operational synergies. During 2020, production from the cluster averaged approximately 3,117 barrels of oil equivalent per day (boe/d), of which 71% was gas.

Mata de São João-based PetroRecôncavo is engaged in the exploration, production, transportation, processing, and commercialization of oil & gas in the Recôncavo basin in Bahia state.

The deal is subject to customary closing conditions, including the receipt of approval by Brazil’s Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).

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