State-owned energy company Petrobras has agreed to sell its entire interest in the Cricaré Cluster to a specific purpose entity (SPE) Karavan SPE Cricaré SA. The Cricaré Cluster refers to 27 onshore exploration and production concessions in the southeastern state of Espírito Santo. The cluster produced an average 1,700 barrels of oil equivalent and 14,000 cubic meters of gas per day in the first half of 2020.
Karavan bought the 100% interest of these concessions for $155 million, including $11 million paid on Thursday. Karavan will provide $118 million in contingent payments as well as $26 million at closing. The SPE will be owned by Karavan O&G Participações (51%) and Seacrest Capital Group Ltd (49%).
