Page 11 - LatAmOil Week 05 2022

LatAmOil BRAZIL LatAmOil

The final amount due may be adjusted prior to within the framework of its ongoing privatisa-
closing, subject to the approval of Brazil’s hydro- tion programme, which envisions the sale of
carbon regulatory body, the National Agency of $15-25bn worth of non-core assets by the end
Petroleum, Natural Gas and Biofuels (ANP). of 2026. ™
The Potiguar Cluster includes 19 onshore
fields and three offshore fields in the Potiguar
basin. Its offshore fields, known as the Ubarana
sub-cluster, lie in shallow waters and are located
10-22 km from the coastal town of Guamaré.
Meanwhile, its onshore fields are grouped into
two sub-clusters, Alto do Rodrigues and Canto
do Amaro.
Last year, the cluster’s 22 fields yielded some
20,600 barrels per day of crude oil and 58,100
cubic metres per day of gas. All of the sites are
linked by pipeline to the Clara Camarão refinery
in Guamaré, which has an installed throughput
capacity of 39,600 bpd.
Petrobras unloaded the Potiguar Cluster The Potiguar Cluster fields are divided into three groups (Image: 3R)

Novonor, Petrobras suspend

plan to sell Braskem shares

BRAZIL’S national oil company (NOC) Petro- market conditions became more favourable.
bras and NSP Investimentos (Novonor), the (The term sheet outlines both parties’ commit-
Brazilian construction giant formerly known as ment to unloading their stakes in Braskem and
Odebrecht, have decided against selling most of establishing guidelines for the purpose of mov-
their holdings in Braskem, a locally based petro- ing the petrochemical company over to a Novo
chemical producer. Mercado listing.)
Petrobras announced the companies’ deci- “Petrobras ratifies its interest in implement-
sion in a statement dated January 28. It did not ing the commitments set forth in the term sheet
say in that statement exactly how this move as soon as possible and to the extent [stated],”
would affect the petrochemical shareholder the statement said.
structure. Instead, it said that they had “com- The NOC’s announcement gave Braskem’s
municated to Braskem SA the decision to cancel share prices a boost. The petrochemical produc-
the public offering for secondary distribution of er’s shares closed at BRL50.59 ($9.43) per share
shares owned by them, which would have been on January 28, up by 8.8% on the previous day’s
held simultaneously in Brazil and abroad, in the figure. ™
form of American Depositary Shares [ADSs],
represented by American Depositary Receipts
[ADRs].”
Other sources reported, however, that this
move would allow Petrobras and Novonor to
retain a combined majority of shares in Bras-
kem. The NOC currently has 22% of Braskem
and will keep most of that stake, while Novonor
owns 23% and will keep most of those holdings.
Petrobras went on to say that the two com-
panies had decided against going forward with
the sale at this time because of concern about
“the instability of the capital market conditions.”
Under current conditions, it said, investor sen-
timent has given rise to “levels of demand and
price that are not appropriate for the conclusion
of the transaction.”
It stressed, though, that it intended to go
forward with the sale of Braskem, as outlined
in the term sheet signed with Novonor, after Together, Petrobras and Novonor have 55% of Braskem’s equity (File Photo)

Week 05 03•February•2022 www. NEWSBASE .com P11