(Aaron Simonsky, Energy Analytics Institute, 30.Dec.2024) — Brava Energia SA received approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to conclude the acquisition of the 23% interest held by QatarEnergy Brasil Ltda. in the Abalone, Ostra and Argonauta oil fields, which form the Parque das Conchas in the Campos Basin.
The transaction value, disregarding adjustments, is $150mn, divided as follows:
(1) $15mn, paid upon signing of the acquisition agreement, in Dec. 2023;
(2) $430,000 disbursed on this date, already considering the adjustment for the accumulated cash flow of the period since 1 Jul. 2023 (effective date of the agreement); and
(3) 2 installments of $30mn to be paid in 12 and 24 months after completion of the transaction.
Parque das Conchas
Parque das Conchas has similar characteristics to the other oil assets held by Brava, which may represent possible logistical and commercial synergies.
Shell operates Parque das Conchas with a 50% interest. The other partner in Parque das Conchas is ONGC, which holds the remaining 27% interest.
The concession contracts are valid until 2032, with the possibility of extension. In the period between Jan.-Nov. 2024, Parque das Conchas had average production of 27,000 barrels per day of oil equivalent (boe/d), with 6,200 boe/day corresponding to the interest acquired by Brava.
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By Aaron Simonsky reporting from Belize City. © Energy Analytics Institute (EAI). All Rights Reserved.
