Brazilian oil company Petroreconcavo has agreed to buy Maha Energy’s subsidiary, the companies said. Petroreconcavo will pay USD 138 million for 100% ownership of Maha Brasil, which operates oil fields in Northeast Brazil, plus a potential profit of up to USD 36.1 million. Maha Energy’s assets in Brazil’s northeastern region will be able to be integrated with Petroreconcavo’s own land assets in the states of Rio Grande do Norte and Bahia in the future. The deal was considered “advantageous and in line with the company’s new portfolio management strategy,” according to Maha Energy’s board of directors, which also included a recent business combination with DBO, a company focused on mature offshore fields in Brazil. In 2022, the assets produced an average of 2,928 barrels of oil equivalent per day.
Source: Portos e Navios (*Translated by Ia Niani)