Machado Meyer Advogados has helped Petrobras sell its exploration and production rights to the onshore and offshore Macau cluster in the state of Rio Grande do Norte to local private equity firm Starboard Asset.

Campos Mello Advogados advised the buyers, which established a special purpose company named 3R Petroleum to manage the fields.

The deal was made through a competitive auction. Starboard’s bid offered to pay Petrobras US$191 million in two instalments. The first, worth US$48 million, was paid on 9 August, when the deal was signed. The second US$143 million tranche will be paid when the deal closes.

(Latin Lawyer)

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