Brazil’s Eneva, PetroReconcavo, 3R bid for Petrobras onshore fields, sources say

Industry:    2 months ago

Brazilian energy companies Eneva SA, PetroReconcavo SA and 3R Petroleum Oleo e Gas are among companies that submitted binding offers on Tuesday for a cluster of onshore oilfields owned by state-run Petrobras, three sources said.

Eneva and PetroReconcavo confirmed a joint bid for the fields, known collectively as Polo Bahia Terra, in a filing, but did not disclose the value of the offer.

Petrobras declined to comment. 3R Petroleum did not immediately respond to a request for comment.

The joint bid by Eneva and Salvador-based PetroReconcavo was reported earlier in the day by financial blog Brazil Journal.

Reuters reported in October that Aguila Energia, founded by former executives of Rio de Janeiro-based independent PetroRio SA (PRIO3.SA), had submitted the highest offer in an open bidding round. Petrobras, formally Petroleo Brasileiro SA, confirmed the report, saying the bid exceeded $1.5 billion.

A deal was not finalized, leading to this week’s fresh bidding round, according to two of the sources with knowledge of the matter who all requested anonymity to discuss the confidential sale process.

Representatives for Aguila were not immediately reachable for comment.

Brazil-listed shares in PetroReconcavo and Eneva were up roughly 6.5% in afternoon trade, with Eneva the biggest gainer on the nation’s benchmark Bovespa equities index. Shares in Petrobras and 3R were little changed.

Bahia Terra’s average production in early 2021 was roughly 13,500 barrels per day of oil and 660,000 cubic meters per day of gas.