By Giulia Petroni

Vinci SA unit Cobra IS has acquired the assets of Brazilian state-owned Petroleo Brasileiro SA, also known as Petrobras, in the onshore Polo Carmopolis area for $1.1 billion.

Polo Carmopolis holds interests in eleven onshore oil-and-natural-gas field concessions as well as related infrastructure located in the state of Sergipe. The average daily production in the area was 4,500 barrels of oil and 22,000 cubic meters of natural gas in November.

The acquisition was made through Cobra IS's subsidiary Carmo Energy, which will be in charge of the facilities' maintenance. Petrobras will be paid $823 million this year and the remaining $275 million within twelve months, Vinci said Wednesday.

The deal was signed last year and will be subject of a strategic review in 2023.

Cobra IS is a renewable energy-focused business that Vinci acquired from Spanish rival Actividades de Construccion y Servicios SA.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 21, 2022 03:12 ET (08:12 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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