By Jeffrey T. Lewis /Reuters

SAO PAULO
EnergiesNet.com 12 30 2021

Petroleo Brasileiro SA, or Petrobras, said Wednesday it completed the sale of 27 onshore oil fields in the Cricare cluster for up to $156 million.

The buyer is Karavan Seacrest SPE Cricare, which is 51% owned by Karavan O&G Participacoes e Consultoria Ltda. and 49% owned by Seacrest Capital Group Ltd.

The cluster is located in the state of Espirito Santo and in January through November produced an average of 1,300 barrels per day of oil and 15,400 cubic meters of gas per day.

Petrobras received a closing payment of $27 million, in addition to an $11 million payment made at the signing of the contract. Petrobras is also set to receive another $118 million in payments, though the amount might be adjusted based on future oil prices, the company said.

Petrobras has been selling off onshore and shallow-water production fields to focus its efforts on its rich deep and ultra deepwater fields.

By Jeffrey T. Lewis frm The Wall Street Journal-WSJ

wsj.com 12 29 2021