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.

Newsletter signup

User

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login