Petrobras Terminates $35M Brava Deal for Santos Basin Fields

Zacks2024-12-26

Brazilian oil giant, Petróleo Brasileiro S.A. - Petrobras PBR, has announced the termination of its agreement with Brava Energia for the sale of its two prolific natural gas fields located in the ...

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The $35 million contract, which also included a 178-kilometer pipeline, fell through after Brava Energia failed to execute the key contractual conditions.In 2023, PBR entered into a deal to sell the Urugua and Tambau natural gas fields along with a 178-kilometer pipeline infrastructure to Brava Energia for $35 million, and a commitment from Brava Energia to acquire the Cidade de Santos floating production, storage and offloading  vessel from Japan’s Modec for $48.5 million that was operating at the same field.The contract that was conditional on the fulfillment of the FPSO acquisition commitment did not materialize; therefore PBR announced the termination of the original contract with Brava Energia.Per the terms of the contract, the $3 million deposit made by Brava Energia will be","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B1B80R65.USD":"柏瑞拉丁美洲股票A","BK4109":"特种化学制品","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4585":"ETF&股票定投概念","LU0256859116.SGD":"施罗德拉丁美洲A Acc SGD","FTK":"Flotek工业","LU0106259046.USD":"施罗德拉丁美洲基金","GPOR":"格尔夫波特能源","LU0572108347.SGD":"Blackrock Latin American A2 SGD-H","BK4588":"碎股","LU0265266980.USD":"法巴巴西股票基金","PBR":"巴西石油公司","LU0072463663.USD":"Blackrock Latin American A2 USD","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","AETUF":"Arc Resources Ltd.","LU0788109048.HKD":"BGF LATIN AMERICAN \"A2\" (HKDHGD) ACC","BK4548":"巴美列捷福持仓","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","BK4213":"石油与天然气的勘探与生产","BK4201":"综合性石油与天然气企业","LU1051768304.USD":"贝莱德新兴市场股票收益A6"},"translate_title":"巴西国家石油公司终止桑托斯盆地油田3500万美元的Brava交易","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FTK":1,"GPOR":1,"AETUF":1,"PBR":0.9},"content_text":"Brazilian oil giant, Petróleo Brasileiro S.A. - Petrobras PBR, has announced the termination of its agreement with Brava Energia for the sale of its two prolific natural gas fields located in the Santos Basin. The $35 million contract, which also included a 178-kilometer pipeline, fell through after Brava Energia failed to execute the key contractual conditions.\nReason for PBR Terminating the Contract\nIn 2023, PBR entered into a deal to sell the Urugua and Tambau natural gas fields along with a 178-kilometer pipeline infrastructure to Brava Energia for $35 million, and a commitment from Brava Energia to acquire the Cidade de Santos floating production, storage and offloading (FPSO) vessel from Japan’s Modec for $48.5 million that was operating at the same field.\nThe contract that was conditional on the fulfillment of the FPSO acquisition commitment did not materialize; therefore PBR announced the termination of the original contract with Brava Energia.\nFinancial Implications and Next Steps\nPer the terms of the contract, the $3 million deposit made by Brava Energia will be retained by Petrobras. PBR also announced that it will retain a full stake in its fields and will look for other alternatives to manage them.\nPBR’s Zacks Rank and Key Picks\nBrazil-based Petroleo Brasileiro S.A., or Petrobras S.A., is the largest integrated energy firm engaged in the exploration and production of oil, refining, processing and transportation of oil and other energy-related activities. Currently, CVX has a Zacks Rank #3 (Hold).\nInvestors interested in the energy sector might look at some better-ranked stocks like Gulfport Energy Corporation GPOR,ARC Resources Ltd. AETUF and Flotek Industries, Inc. FTK. While Gulfport Energy currently sports a Zacks Rank #1 (Strong Buy), ARC Resources and Flotek Industries each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.\nThe U.S.-based Gulfport Energy Corporation is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties. The Zacks Consensus Estimate for GPOR’s 2024 earnings indicates 108.09% year-over-year growth.\nCanada-based ARC Resources is engaged in the exploration, acquisition and development of oil and natural gas properties. AETUF’s expected EPS (earnings per share) growth rate for next year is 50.78%, which aligns favorably with the industry growth rate of 11.50%.\nFlotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2024 earnings indicates 125% year-over-year growth.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nPetroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report\nGulfport Energy Corporation (GPOR) : Free Stock Analysis Report\nArc Resources Ltd. (AETUF) : Free Stock Analysis Report\nFlotek Industries, Inc. (FTK) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2494543328"}