Goldman Sachs Sells Indirect Stake in Brasoil

December 23, 2016

Cleary Gottlieb represented Goldman Sachs & Co. in the sale of its indirect interest equivalent to 23.19 percent in Brasoil do Brasil Exploração Petrolífera S.A. to PetroRio O&G Exploração e Produção de Petróleo Ltda.

Brasoil is a holding company, with an indirect stake of 10 percent over the rights and obligations of the Manati Field concession contract, that, in turn, currently produces approximately 26 thousand barrels of oil equivalent per day, ranking as the eighth-largest producing field of natural gas in Brazil.

The sale also contemplates the transfer to PetroRio of convertible debentures issued by Brasoil. The closing of the transaction is subject to certain conditions, including compliance with tag-along and ROFO rights pursuant to the Brasoil investors agreement as well as approval from antitrust authorities.