Brazilian oil and gas player 3R Petroleum Óleo e Gás has signed a memorandum of understanding (MOU) with compatriot firm PetroReconcavo to evaluate the sharing of natural gas infrastructure in the Potiguar Basin, which is part of the Equatorial Margin.
Under the deal, the two companies have a 90-day exclusivity period for negotiations relating to the natural gas flow, compression, measurement, and processing infrastructure in the Potiguar Basin owned by 3R, which claims the initiative is in line with its portfolio and partnership management strategy.
Last year, 3R purchased 22 concessions of onshore and shallow water fields, jointly called the Potiguar cluster, from Petrobras through its subsidiary 3R Potiguar. The sale included the cluster’s infrastructure for processing, refining, logistics, storage, transportation, and outflow of oil and natural gas. Brazil’s Institute for the Environment and Natural Resources (IBAMA) issued the operational license for three fields from the cluster, the Ubarana, Ubarana Oeste, and Cioba, a month prior.
Meanwhile, 3R’s merger with compatriot player Enauta is approaching the finish line. In late June, the two companies fulfilled two additional pre-merger requirements after their boards approved the incorporation of Enauta shares by 3R Petroleum and the roll-up of the 15% interest a third company, Maha Energy, has in 3R Petroleum’s affiliate 3R Petroleum Offshore.
The steps leading to this included Enauta’s board of directors approving the submission of a merger proposal to 3R’s board, followed by an MoU between Enauta, 3R, and Maha Energy Offshore Brasil. Afterward, the two companies’ boards rubber-stamper a pair of protocols setting forth the terms and conditions for their proposed merger.