Petronas Completes Purchase Of 50 Stake In Offshore Venture In Brazil

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Petronas says it is looking forward to this new partnership with Petrobras to meet Brazil’s energy aspirations. (AFP pic)KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) subsidiary, Petronas Petróleo Brasil Ltda (PPBL), today announced the completion of the transaction for the acquisition of 50% equity in the Tartaruga Verde producing field (BM-C-36 Concession) and Module III of the Espadarte field (Espadarte Concession)
Both are located in deep waters of the Campos Basin, off Brazil
PPBL had signed a sale and purchase agreement with Petróleo Brasileiro SA (Petrobras), Brazil’s petroleum multinational corporation on April 25, 2019. Petrobras, which is the operator, holds the remaining 50% equity
Petronas said in a statement today the signing of the closing agreement to mark the completion of the acquisition was held in Rio de Janeiro yesterday
Petronas executive vice-president and CEO of upstream Adif Zulkifli said the completion of the acquisition of Tartaruga Verde and Module III of Espadarte, as well as the three exploration blocks won in the recent bid rounds in Brazil, were a testament to Petronas’ steady progress in expanding its oil business in South America
“We also look forward to this new partnership with Petrobras to meet Brazil’s energy aspirations,” he said
Aside from expanding its portfolio in South America, Petronas also signed six new production sharing contracts (PSC). This comprised four in Malaysia and two in Gabon
This is in addition to the acquisitions of two offshore blocks in Egypt
This was in line with Petronas’ three-pronged growth strategy to secure opportunities in prolific basins in expanding its core business for future cash generation, it said. - FMT

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