Starboard Asset’s $94.2 Million Acquisition of Petrobras Interest in Rio Ventura

Campos Mello Advogados (DLA Piper) and Machado Meyer advised on the transaction

Petrobras executed the $94.2 million sale of its interest in Rio Ventura Cluster, located in the state of Bahia to SPE Rio Ventura S.A., a wholly-owned subsidiary of 3R Petroleum e Participações S.A. ( a Starboard Asset controlled entity).

The cluster comprises the onshore fields of Água Grande, Bonsucesso, Fazenda Alto das Pedras, Pedrinhas, Pojuca, Rio Pojuca, Tapiranga and Tapiranga Norte, located in the municipalities of Catu, Mata de São João, Pojuca and São Sebastião do Passé, in the state of Bahia, where Petrobras holds 100% interest. The average production of Rio Ventura Cluster from January to June 2020 was approximately 1,050 barrels of oil per day (bpd) and 33,000 m³/day of natural gas.

Campos Mello (DLA Piper) advised 3R Petroleum e Participações S.A. with Marcus Vinicius Bitencourt (Picture) David Meiler and Barbara Bittencourt.

Machado Meyer advised Petróleo Brasileiro S.A. (Petrobras) on the transaction

Involved fees earner: Marcus Vinicius Bitencourt – Campos Mello Advogados; Barbara Bittencourt – Campos Mello Advogados; David Meiler – Campos Mello Advogados;

Law Firms: Campos Mello Advogados;

Clients: 3R Petroleum e Participacoes Ltda;

Author: Ambrogio Visconti.