PetroReconcavo assumes the Remanso Cluster concession in Bahia


Operated by the Company since 2000, the Remanso Cluster includes 12 fields, which had an average production of 3.2 thousand barrels of oil per day (bopd) and 90.7 thousand m³/day of natural gas, from January to November 2021.

PetroReconcavo, the longest independent onshore oil and gas producer in the segment, concluded yesterday (22) the acquisition of the concessions that comprise the Remanso Cluster, located in the Recôncavo Basin, in Bahia, which includes 12 fields: Brejinho, Canabrava, Cassarongongo, Fazenda Belém, Gomo, Mata de São João, Norte Fazenda Caruaçu, Remanso, Rio dos Ovos, Rio Subaúma, São Pedro, and Sesmaria.

The Remanso Cluster has been operated by PetroReconcavo since February 1, 2000, through a production contract with a risk clause with Petrobras. With the closing of the transaction, the Company becomes the sole concessionaire and operator of the twelve onshore oil and natural gas exploration and production fields. The Remanso Cluster is part of the Bahia Assets, together with the Miranga Cluster, recently acquired by the Company, and another 5 already operated concessions acquired in ANP bidding rounds between 2004 and 2007.

After compliance with the preceding conditions, the operation was concluded with the payment of US$ 7.3 million to Petrobras, already with the adjustments provided for in the contract. The amount paid at closing is in addition to the $4 million paid to Petrobras when the purchase and sale agreement was signed. The company will also pay US$ 5 million one year after the closing of the operation, an amount to be adjusted based on the contractual conditions.

According to the CFO, Rafael Procaci da Cunha, with this stage concluded, the Company continues with its expansion planning, positioning itself as a leader in the transformation process of the onshore oil and natural gas industry in Brazil. “We have been operating the Remanso Cluster for 21 years and as of the closing, we are now our own concessionaire with the economic results 100% accounted for and incorporated into the Company’s financial statements. We remain firm in our purpose of being the largest oil and gas supplier in the Northeast,” concludes Procaci.