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  • Petrobras and Murphy form joint venture with Gulf of Mexico assets
    édité le 12/10/2018 - Plus de news de "PETROBRAS" - Voir la fiche entreprise de "PETROBRAS"


Petrobras and Murphy form joint venture with Gulf of Mexico assets
Petrobras informs that today its subsidiary, Petrobras America Inc. (“PAI”), has entered into a definitive agreement with Murphy Exploration & Production Company – USA (“Murphy”), a wholly owned subsidiary of Murphy Oil Corporation, to form a joint venture company (“JV”) comprised of producing oil and gas assets in the Gulf of Mexico.

The establishment of the JV will be through the contribution by both companies of their current producing Gulf of Mexico assets, with Murphy overseeing the operations with 80% interest and PAI with 20%.

The JV will have an estimated average production of approximately 75 thousand barrels of oil equivalent per day in the fourth quarter 2018, and will comprise the following assets:

- Deepwater fields: Cascade, Chinook, St. Malo, Lucius and Hadrian North, Cottonwood, Hadrian South, Dalmatian, Front Runner, Clipper, Habanero, Kodiak, Medusa and Thunder Hawk.
- Shallow water fields: South Marsh Island 280, Garden Banks 200/201 and Tahoe.

The transaction will involve a total amount of up to US$ 1.1 billion to be received by PAI, with a cash compensation of US$ 900 million corresponding to the difference in value between the assets contributed by both companies at the closing of the transaction, in addition to contingent payments up to US$ 150 million to be made until 2025. Also, from 2019, Murphy will carry investments of up to US$ 50 million of PAI costs for production development in the St. Malo field if certain enhanced oil recovery projects are undertaken.

The JV represents an important step for Petrobras, as part of its 2018-2022 Business and Management Plan, allowing, in addition to cash inflow, the sharing of investments, resulting in a final portfolio with a better balance of risk-return through a new business model in the US with a partner with experience in the region and recognized for its operational and safety expertise, cost discipline and technical qualification.

The conclusion of the transaction is subject to the fulfillment of precedent conditions such as obtaining the applicable US government approvals, and is expected to close this year.

About Petrobras

We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

About Murphy Oil Corporation

Murphy Oil Corporation is a global independent oil and gas exploration and production company with offshore production in Southeast Asia, Canada and the Gulf of Mexico, as well as onshore production in North America. Murphy holds a 20% interest in four deepwater blocks in the Sergipe-Alagoas basin and Murphy and its partners were the successful bidders on blocks 430 and 573 in the same basin during Brazil’s Round 15 lease sale. Additional information can be found on Murphy’s website at http://www.murphyoilcorp.com.


Origine : Communiqué PETROBRAS

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