Brazil’s Petrobras completes sale of Alagoas Pole for US$300 million

RIO DE JANEIRO, BRAZIL – Petrobras (PETR3;PETR4) has completed the sale of its stake in 7 concessions, namely the Alagoas Pole, to Origem Energia S.A (former Petro+). The operation was finalized after Petrobras received US$240 million.

According to Petrobras, this operation is in line with its portfolio management strategy and the improvement of capital allocation, “aiming at the maximization of value and greater return to society.”

“Petrobras continues to increasingly concentrate its resources on deepwater and ultra-deepwater assets, where it has demonstrated a great competitive differential over the years, producing better quality oil and lower greenhouse gas emissions,” it added.

PETROBRAS SELLS ALAGOAS POLE

The Alagoas Pole comprises 7 production concessions, 6 onshore (Anambé, Arapaçu, Cidade de São Miguel dos Campos, Furado, Pilar and São Miguel dos Campos), in the state of Alagoas, and the Paru field concession located in shallow waters, 24 meters deep.

The pole’s average production in 2021 was 1,620 bpd of oil and condensate and 550,000 m³/d of gas, generating 0.81,000 bpd of NGL (natural gas liquids).

In addition to the fields and their production facilities, the transaction also includes the Alagoas Natural Gas Processing Unit (UPGN), with a processing capacity of 2 million m³/day, responsible for 100% of the hub’s gas processing and NGL generation.

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