MOSCOW (MRC) -- -Petroleo Brasileiro SA, or Petrobras, said Wednesday it completed the sale of 27 onshore oil fields in the Cricare cluster for up to USD156 million, according to MarketWatch.
The buyer is Karavan Seacrest SPE Cricare, which is 51% owned by Karavan O&G Participacoes e Consultoria Ltda. and 49% owned by Seacrest Capital Group Ltd.
The cluster is located in the state of Espirito Santo and in January through November produced an average of 1,300 barrels per day of oil and 15,400 cubic meters of gas per day.
Petrobras received a closing payment of USD27 million, in addition to an USD11 million payment made at the signing of the contract. Petrobras is also set to receive another USD118 million in payments, though the amount might be adjusted based on future oil prices, the company said.
Petrobras has been selling off onshore and shallow-water production fields to focus its efforts on its rich deep and ultra deepwater fields.
As MRC reported before, Brazil’s state-controlled oil producer has taken a step closer to selling its stake in the Braskem petrochemicals business after the board approved a share offering. Rio de Janeiro-based Petrobras can sell up to 100% of its preferred Braskem shares in a follow-on offering, it said in a filing earlier this month.
We remind that Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,047,100 tonnes in the first ten months of 2021, up by 17% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,226,530 tonnes in January-October 2021, up by 26% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding stat-copolymers of propylene (PP random copolymers) decreased significantly.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.