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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS

(PETR4)
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Petroleo Brasileiro Petrobras : Petrobras sells rights to two fields to Malaysia's Petronas for $1.29 billion

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04/25/2019 | 08:42pm EDT
FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia

RIO DE JANEIRO (Reuters) - Brazil's state-run oil company Petroleo Brasileiro said on Thursday it had closed a $1.29 billion deal with Malaysia's Petronas to sell 50 percent of Petrobas' exploration and production rights in two of its offshore fields.

The deal related to the Tartaruga Verde field and Module 3 of the Espadarte field.

The deal is part of Petrobras' divestment program, which seeks to reduce indebtedness. In its statement, the company also announced it had nearly completed the full sale of its TAG pipeline unit to France's Engie for $8.6 billion.

"Continuous portfolio management contributes to improving the allocation of capital, thereby increasing the generation of value for our shareholders, in addition to enabling the reduction of indebtedness and cost of the company's capital," the company's chief executive, Roberto Castello Branco, said in a statement.

Petrobras said that the total amount of asset divestments so far this year already amounts to $11.3 billion.

Petrobras said the value of the transaction with Petronas will be paid in two installments: $258.7 million on Thursday and $1.03 billion at the close of the transaction.

Petrobras will maintain a 50 percent stake and the operation of the fields, while Petronas will get a bigger toehold in oil production in Brazil, where it already operates in the lubricants segment.

The Tartaruga Verde field began operations on June 22 and currently produces about 103,000 barrels per day of oil and 1.2 million cubic meters per day of gas.

Module 3 is an area of ​​the Espadarte field to be developed in an integrated way with the Tartaruga Verde and is expected to begin producing oil in 2021.

Petrobras also announced the assignment of its total participation in 34 onshore production fields to the company Potiguar E & P S.A., a subsidiary of Petrorecôncavo.

The total value of the transaction is $384.2 million to be paid in three installments.

Petrorecôncavo, which presented the second best offer of the tender process, was selected after the disqualification of the company 3R Petroleum.

(Reporting by Gabriel Stargardter; Editing by Cynthia Osterman)

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Financials (BRL)
Sales 2019 360 B
EBIT 2019 73 387 M
Net income 2019 29 814 M
Debt 2019 251 B
Yield 2019 2,89%
P/E ratio 2019 10,79
P/E ratio 2020 8,50
EV / Sales 2019 1,76x
EV / Sales 2020 1,53x
Capitalization 384 B
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 31,6  BRL
Spread / Average Target 14%
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Managers
NameTitle
Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS22.58%97 105
ROYAL DUTCH SHELL11.71%267 151
PETROCHINA COMPANY4.16%198 992
TOTAL8.07%153 153
EQUINOR ASA6.56%79 382
NK ROSNEFT' PAO--.--%73 462