Trident Completes Acquisition of Enchova and Pampo Clusters
Trident Energy do Brasil Ltda. has completed the acquisition of a 100% interest in 10 shallow-water fields located in the Campos basin from Brazilian state-owned Petroleo Brasileiro SA (Petrobras), for a reduced cash consideration of US$418.6 million.
In July last year, Trident signed an agreement to acquire Petrobras’ entire stake in the Enchova and Pampo Clusters, for a cash payment of US$851 million, plus additional contingent payments of up to US$200 million linked to future oil prices. Under the terms of the revised deal, Trident has agreed to pay US$418.6 million in cash upfront, with an increased contingent payment of up to US$650 million.
The Bicudo, Bonito, Enchova, Enchova Oeste, Marimbá, and Piraúna fields, jointly referred to as the Enchova Cluster, are located approximately 90 km off the coast of Rio de Janeiro State, in water depths of between 100 and 780 meters. The Pampo Cluster is located to the south-west of the Enchova Cluster in water depths ranging between 80 and 300 meters, and is comprised of the Badejo, Linguado, Pampo, and Trilha fields. During Q2-2020, the clusters produced a combined ~22,000 barrels of oil equivalent per day (boe/d) through the PPM-1, PCE-1, P-8 and P-65 platforms, and associated subsea developments.
Rio de Janeiro-based Trident is backed by investments from funds managed by private equity group Warburg Pincus. The company is focused primarily on the exploration and development of mature upstream assets in Africa and Latin America.
“This acquisition marks the entry of Trident Energy in Brazil and is in line with its strategy to acquire and operate large mid-life assets globally,” Trident said in its press release.
“This is a major milestone for Trident Energy, after the successful takeover of the Ceiba & Okume fields in Equatorial Guinea in 2017. While adding another world class asset to its portfolio, Trident Energy’s international growth will bring many new exciting opportunities,” it added.
Bank of America Merrill Lynch acted as exclusive financial advisor to Petrobras for the deal.