Brazilian oil and gas company PetroReconcavo has completed the purchase of a stake in natural gas midstream assets located in Brazil’s State of Rio Grande do Norte from 3R Potiguar, a subsidiary of compatriot player Brava Energia.
Now that the deal has been finalized, PetroReconcavo owns 50% of the infrastructure that includes two natural gas processing units, each with a processing capacity of 1.5 million cubic meters (cbm) per day. As previously reported, one is in operation (NGPU III) and one hibernated (NGPU II).
Petroreconcavo paid R$168.8 million, or around $31.7 million, to Brava, corresponding to 50% of the total transaction value. This is on top of the R$127.9 million, or approximately $24 million, which represents 35% of the total transaction value, already paid in two installments.
The first installment was paid when the initial agreement was executed on June 5, 2025, and the second when Brazil’s Antitrust Authority, Conselho Administrativo de Defesa Econômica (CADE), approved the transaction on July 25, 2025. The remaining 15% will be settled in installments.
As previously disclosed, the operation of these midstream assets will be regulated by a joint operating agreement (JOA), and Brava will continue to act as the operator of the assets as part of an operations committee.
This body, comprising representatives from both companies, will be entrusted with establishing budgetary, cost, and efficiency principles for the assets’ operation.
In addition to closing this deal, Brava Energia recently handed out a three-year extension to Solstad Offshore for the 2006-built AHTS Normand Turmalina. Thanks to this, the vessel is set to continue working with Brava until early 2029.