Brazilian state-run oil firm Petrobras has begun the non-binding phase for the sale of its Polo Reconcavo onshore oil and gas cluster in the northeastern state of Bahia, the company said on July 3.
During this phase of the process, interested parties are to make non-binding offers for the cluster, which is composed of 14 oil fields.
Polo Reconcavo had an average production of 2,800 barrels per day of oil and 588,000 cubic meters of gas in 2018, the company said.
KKR Asian Fund II will provide most of the investment. The platform will provide integrated solutions for engineering, maintenance, repair and overhaul services for asset owners and operators.
The acquisition is worth $1.55 billion. Tall Oak’s gathering, processing and compression assets are in the core of the Stack and Central-Northern Oklahoma Woodford plays.
The facility in Glasscock County, Texas, in the Permian Basin has capacity of 58 million cubic feet per day and currently processes about 45 million cubic feet per day.