Shell and Petrobras cancel PSAs with PetroRio for stakes in BISA fields

Shell Brasil Petróleo Ltda. has notified Petro Rio SA (PetroRio) that Shell is terminating the purchase and sale agreement (PSA) for PetroRio’s acquisition of Shell’s 80% stake in the concession contracts of the Bijupirá and Salema (BJSA) fields, according to various media outlets. The PSA included the FPSO Fluminense for the production process of both fields. The transaction was valued at approximately US$150 million.

Additionally, Petróleo Brasileiro SA (Petrobras) has notified PetroRio that Petrobras is also terminating a separate PSA worth US$25 million, related to PetroRio’s acquisition of Petrobras’ 20% stake in the concessions of the BJSA fields. Petrobras and PetroRio entered into the PSA on July 1, as part of Petrobras’ divestment plan.

The BJSA fields are located 150 miles (250 kilometers) east of Rio de Janeiro. In mid-February, Shell canceled the divestment of its 80% stake in the fields. With the PSA deals canceled, Shell is expected to remain as operator, with Petrobras continuing its 20% participation.

Petro Rio SA, formerly HRT Participacoes em Petroleo SA, is a Brazil-based holding company engaged in the oil and gas industry.

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