Page 14 - LatAmOil Week 48 2022
P. 14

LatAmOil                                     NEWS IN BRIEF                                          LatAmOil










       INVESTMENTS
       Petrobras concludes the

       sale of REMAN refinery

       Petrobras, following up on the release disclosed
       on August 25, 2021, March 10, 2022, May 13,
       2022, and August 30, 2022, informs that it has
       today finalised the sale of the shares of Refinaria
       de Manaus SA (Manaus Refinery), which was
       formed to hold Refinaria Isaac Sabbá (REMAN)
       and its corresponding logistics assets, located
       in Manaus, Amazonas, to the company Ream
       Participações SA (Ream), a corporate vehicle
       owned by the partners of Atem’s Distribuidora
       de Petróleo SA (Atem).
         After the fulfillment of all the preceding
       conditions, the operation was concluded with
       the total payment of $257.2mn to Petrobras,
       an amount that reflects the purchase price of
       $189.5mn, adjusted preliminarily due to mone-  agreement, avoiding any operational interrup-  Samuel Moody, CEO, commented: “The
       tary correction and to the variations in working  tion. Petrobras and Ream reaffirm their strict  Company is grateful to the Falkland Islands
       capital, net debt, and investments until the clos-  commitment to operational safety at the refinery  Government for the extension of its South Falk-
       ing of the transaction.             in all phases of the operation.      land Basin licence interests. Whilst our primary
         The amount received today of $228.8mn is   About REMAN: REMAN, located in Manaus  focus is on working with Navitas to bring the
       in addition to the $28.4mn already paid when  in the state of Amazonas, has a processing capac-  Sea Lion development in the North Falkland
       the purchase and sale agreement was signed. The  ity of 46,000 barrels per day (bpd) and its assets  Basin to fruition, this extension will enable us
       contract still foresees a final adjustment of the  include a water transportation terminal.  to progress our understanding of these highly
       acquisition price, which will be determined in   About Atem Group: The Atem Group is com-  prospective licences in the south – in particular,
       the coming months.                  posed of several companies in the fuel, road and  the PL011 licence, which adjoins the Borders &
         The REMAN divestment process was  river logistics, and shipbuilding business, among  Southern Darwin discovery – which offer the
       launched in June 2019 and in August 2021 the  others, the main one being Atem, a corporation  opportunity for future regional development in
       contract for the sale of the refinery was signed  founded more than 20 years ago. The Group is  the Falklands.”
       with the Atem group. The entire process took  present in 14 states in Brazil, with the distributor,   Rockhopper Exploration, November 28 2022
       more than three years to be completed and  more than 320 franchised stations, seven active
       strictly followed the company’s Divestment  distribution bases, two bases under construc-
       Methodology, having been approved in all  tion, with a capacity to handle more than 5bn  PERFORMANCE
       instances of Petrobras’ corporate governance.  litres per year of fuel and more than 2,000 active
         The sale is part of the commitment signed by  customers.               Arrow Exploration
       Petrobras with the Administrative Council for   Petrobras, November 30 2022
       Economic Defense (CADE) to open the refin-                               announces record
       ing sector in Brazil and is in line with Resolution   Rockhopper Exploration
       no. 9/2019 of the National Energy Policy Coun-                           results for Q3 2022
       cil, which established guidelines to promote   notes extension of
       free competition in the refining activity in the                         and operational update
       country.                            South Falkland basin
         This disclosure to the market is in accord-                            Arrow Exploration has announced the filing of
       ance with Petrobras’ internal rules and with the   petroleum licences    its unaudited interim Financial Statements and
       special regime for divestment of assets by fed-                          Management’s Discussion and Analysis for the
       eral mixed economy companies, provided for in  Rockhopper Exploration plc, the oil and gas  quarter ended September 30, 2022.
       Decree 9,188/2017.                  company with key interests in the North Falk-  Highlights: The Third Quarter has been the
         The operation is aligned to the compa-  land Basin, is pleased to announce that, fol-  best quarter in the Company’s history generating
       ny’s portfolio management strategy and to the  lowing discussions with the Falkland Islands  record cashflow from operations and a threefold
       improvement of capital allocation, aiming at  Government (FIG), FIG has agreed to extend  increase in production from the date of the AIM
       the maximisation of value and greater return to  each of the Company’s South Falkland Basin  Admission.
       society.                            Production Licences, in which the Company   EBITDA of $4,664,345 compared to $966,234
         Next steps: With the conclusion of the sale,  holds a 100% interest, until December 3, 2024.  in Q3 2021.
       the phase begins in which Petrobras will con-  The Licences were previously due to expire   Average corporate production of 1,503 boepd
       tinue to support Ream in REMAN operations  on December 3, 2022. There are no additional  compared to Q3 2021 575 boepd and Q2 2022
       for a period of up to 15 months, under a service  licence commitments.   980 boepd.



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