Petrobras ends $35M deal with Brava Energia for Santos Basin fields

From Nasdaq: 2024-12-26 05:51:00

Petróleo Brasileiro S.A. – Petrobras has terminated its $35 million agreement with Brava Energia for the sale of two natural gas fields in the Santos Basin, including a 178-kilometer pipeline, due to the failure of Brava Energia to meet key contractual conditions. Petrobras will retain full ownership of the fields and explore other management options.

The contract with Brava Energia was contingent on the acquisition of a floating production vessel from Modec, which did not happen, leading to the termination. Petrobras will keep the $3 million deposit from Brava Energia and seek alternative strategies for the gas fields. Interested investors can explore better-ranked energy stocks like Gulfport Energy Corporation, ARC Resources Ltd., and Flotek Industries, which offer growth potential in the sector.

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