Summary by Moomoo AI
Petroleo Brasileiro SA Petrobras (Petrobras) has successfully signed contracts for the sale of its entire stake in the Cherne and Bagre fields to Perenco Petróleo e Gás do Brasil Ltda. The fields, located in the Campos Basin, have been inactive since March 2020 with their platforms mothballed. The deal, finalized on April 25, 2024, involves a transaction amount of $10 million, with $1 million paid upfront and the rest to be settled upon closing, subject to contractual adjustments. This strategic move allows Petrobras to focus on assets that align with its strategy for increasing decarbonization and operational efficiency. The transaction ensures no Petrobras employees will be laid off, as they have been reassigned within the company. The transfer of the fields to Perenco is seen as a more beneficial option for Petrobras than decommissioning the facilities and returning the concessions to the National Agency of Petroleum, Natural Gas and Biofuels (ANP).