Petronas Brazil acquires 50 per cent stake in two oilfields
Category: #energy-and-environment  By Saipriya Iyer  Date: 2019-12-30
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Petronas Brazil acquires 50 per cent stake in two oilfields

The closing agreement of the acquisition was held on December 27, 2019, in Rio de Janeiro, Brazil.
 

Petronas Petróleo Brasil Ltda., a subsidiary of  leading Oil & Gas company, PETRONAS BHD ( Petroliam Nasional Berhad) recently  announced that the firm has completed the transaction for acquiring 50% equity in the Espadarte Concession (Module III of the Espadarte field) and BM-C-36 Concession (Tartaruga Verde producing field) both of which are located in deep waters of the Campos Basin, a sedimentary basin in Brazil.

For the record, Petronas Petróleo Brasil Ltda. signed a sales & purchase agreement with the leading petroleum multinational corporation in Brazil, Petrobras (Petróleo Brasileiro SA) on April 25, 2019. The operator, Petrobras now holds the remaining 50% equity.

Petronas also disclosed that the signing of the closing agreement to mark the completion of the acquisition was held on December 27, 2019, in Rio de Janeiro, Brazil.

Adif Zulkifli , executive vice president and chief executive officer, Petronas was reportedly quoted saying that the completion of the acquisition of Module III of Espadarte and Tartaruga Verde along with the three exploration blocks won in the recent bid rounds in Brazil mark the steady progress of Petronas in expanding its oil business across South America.

Zulkifli added saying that the company is looking forward to a new partnership with Petrobras in order to meet the energy requirements in Brazil.

As per sources close to the matter, besides expanding its portfolio in South America, Petronas also signed 6 new PSCs (production sharing contracts), comprising the buyout of two offshore blocks in Egypt, two in Gabon, and four in Malaysia.

These steps were in line with three-pronged growth strategy of Petronas to secure opportunities in productive basins for expanding its core business for massive cash generation in the future.

Source Credit: https://www.malaymail.com/news/money/2019/12/28/petronas-completes-acquisition-of-50pc-stake-in-tartaruga-verde-and-espadar/1822833

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About Author

Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

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