Petrobras executed an agreement with Perenco to divest its stake in the fields of Pargo, Carapeba and Vermelho, located in shallow waters off the coast of Rio de Janeiro state.
The fields are located in shallow water at a distance of ~60 km from the coast with reservoir depth between c.2,700 to 3,750 meters.
Under the terms of the agreement, Perenco will pay $370 million, 20% of which (US$ 74 million) to be paid on the signing and the remainder in the closing of the transaction.
Herbert Smith Freehills advised Perenco with Laura Hulett, Pedro Rufino Carvalho and Kate Newman.
Pinheiro Neto advised Perenco with Francisco Werneck de Albuquerque Maranhão and Raphael Moraes Paciello.
Machado Meyer advised Petroleo Brasileiro S.A. with Daniel Szyfman, Elie Jaques Sherique, Arthur B. Penteado, Mariana Meditsch, Bruno Nazar Bacchin, Fernando Fernandes Xavier, Mariele Milhorance and Raphael Barboza Correia.
Involved fees earner: Laura Hulett – Herbert Smith Freehills; Pedro Rufino Carvalho – Herbert Smith Freehills; Kate Newman – Herbert Smith Freehills; Daniel Szyfman – Machado, Meyer, Sendacz e Opice; Fernando Xavier – Machado, Meyer, Sendacz e Opice; Elie Sherique – Machado, Meyer, Sendacz e Opice; Arthur Penteado – Machado, Meyer, Sendacz e Opice; Mariana Meditsch – Machado, Meyer, Sendacz e Opice; Bruno Nazar Bacchin – Machado, Meyer, Sendacz e Opice; Francisco Werneck de Albuquerque Maranhão – Pinheiro Neto; Raphael Moraes Paciello – Pinheiro Neto;
Law Firms: Herbert Smith Freehills; Machado, Meyer, Sendacz e Opice; Pinheiro Neto;
Clients: Petrobras; Perenco S.A.;