Perenco obtained exploration for three blocks in shallow waters off Rio de Janeiro for $370 million. Petrobras said in a statement that, under the agreement, $34 million will be paid upon signing with the remaining amount to be paid at the closing of the transaction.
The Brazilian state-owned company pointed out that “the Pargo, Carapeba and Vermelho blocks, which form the northeast pole of Rio Bay (...) produce an average of 9 000 barrels a day”.
Present in Brazil since 2008, Perenco already holds exploration rights off the neighboring state of Espirito Santo, north of Rio de Janeiro. Brazilian company 3R Petroleum paid $453.1 million to explore 34 blocks off the Rio Grande do Norte in northern Brazil, which currently produce 6 000 barrels a day.
Both transactions are part of a large asset divestment plan aimed at curbing the company's high debt, which suffered heavy losses from 2014 to 2016, due to a massive corruption scandal and the fall of oil price.
Brazil's President-elect Jair Bolsonaro, who will take office on January 1st, has pledged to implement a major privatization plan.
This would not affect Petrobras' core business, although some asset sales such as the exploration rights sold are expected to continue.
