Page 14 - LatAmOil Week 48 2022

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.

P14 www. NEWSBASE .com Week 48 30•November•2022