Brava Energia S.A. has signed a contract with Shell Western Provide and Buying and selling Restricted for the sale of the oil produced within the Atlanta discipline by the consortium of Brava and Westlawn.
Atlanta, a producing heavy oil discipline positioned in ultra-deepwater in Brazil, is owned by Brava with an 80 p.c stake and Westlawn with 20 p.c.
The contract “offers for versatile circumstances that permit the sharing of logistical and operational good points with the pricing coverage linked to reference costs for low-sulfur bunker gas on the worldwide market,” Brava mentioned in a information launch.
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Earlier within the month, Brava’s board mentioned that the scope of the doable divestment transaction of the corporate’s onshore and shallow water belongings will likely be restricted to the fields positioned within the state of Bahia in Brazil.
The corporate mentioned it stays in negotiations and within the due diligence section with the chosen bidders, with the expectation of receiving binding proposals all through the month of April.
Brava highlighted that the optimization of the portfolio, initiated with the signing of a contract for the sale of 11 concessions in Rio Grande do Norte, “goals to pay attention the corporate’s efforts on tasks with larger profitability and scale, which current environment friendly logistical integration and entry to the worldwide market”.
The corporate signed a contract for the sale of 6 million barrels of oil produced by the consortium in Atlanta with Trafigura PTE in February.
The contract has versatile phrases that permit revenue sharing by cargo combos, entry to particular markets for Atlanta oil sort and aggressive financing strains, Brava mentioned in an earlier assertion. The oil pricing is tied to worldwide low-sulfur bunker reference costs.
Potiguar Divestment
The corporate in January acquired proposals from corporations all for buying belongings from its onshore and shallow water portfolio.
In February, Petro-Victory Vitality Corp. introduced the acquisition of 13 oil fields in Rio Grande do Norte, positioned within the Potiguar Basin of Brazil, from Brava.
Petro-Victory signed a sale buy settlement, with a 50/50 partnership with Azevedo & Travassos Petroleo (ATP), for the acquisition of Polo Porto Carão and Polo Barrinha from Brava Energia subsidiaries 3R RNCE S.A. and 3R Potiguar S.A.
The Calgary, Alberta-based firm signed an exclusivity settlement with Brava for the belongings in December 2024.
The entire acquisition worth for the belongings is $15 million, internet $7.5 million for Petro-Victory, it mentioned in a information launch. The fee will likely be made in 4 tranches plus a gross overriding royalty, of which Petro-Victory’s contribution will likely be pro-rated at 50 p.c working curiosity.
The transaction is predicted to shut within the second half of 2025, topic to customary closing circumstances and regulatory approvals from the Nationwide Company of Petroleum in Brazil, the corporate mentioned.
The 13 oil fields, with totally operational manufacturing amenities comprising 38,301 acres, are “strategically positioned adjoining to Petro-Victory’s present belongings,” it mentioned. The belongings have present manufacturing of 250 barrels of oil per day, with a high-impact work program underway to extend oil manufacturing. Brazil’s Nationwide Company of Petroleum has reported a quantity of oil instead of 125 million barrels, with a restoration issue of 13.3 p.c, based on the discharge.
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