OGPar sells off Parnaiba stake

Parnaiba deal: OGPar sells off stake

Brazilian buyout firm Cambuhy Investimentos has acquired the remaining 36.36% working interest that OGPar had in Parnaiba Gas Natural (PGN) in a public auction held on Thursday.

Cambuhy paid the minimum price of 200 million reais ($87.3 million) for the shares held by OGPar, bringing its controlling stake in PGN to 72.73%.

PGN was created by OGPar as a separate entity to operate its onshore assets in the Parnaiba basin a few days before the company filed for bankruptcy protection in October 2013.

The divestment at PGN was contemplated in OGPar’s recovery plan that was approved by a Rio de Janeiro state court in June.

Other shareholders in PGN include Eneva with 18.18% and German utility giant E.ON with 9.09%.

The Gaviao Real field in the Parnaiba basin, operated by PGN, produced 5.4 million cubic metres per day of natural gas in June.

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