Starboard Asset’s Acquisition of Macau Polo oil fields 28 jun 2023

Starboard Asset’s Acquisition of Macau Polo oil fields

Source: Global Legal Chronicle
By Ambrogio Visconti (Latin America, Latin America Legal Chronicle)

Campos Mello Advogados, which has a cooperation agreement with DLA Piper, advised Starboard Asset Ltda. in the acquisition of 3R Petroleum S.A. and its wholly owned subsidiary, SPE 3R Petroleum S.A. 3R Petroleum S.A. recently acquired from Petrobras a group of oil fields known as the Macau Polo, which has an estimated production of 6,000 barrels of oil per day and is located in the state of Rio Grande do Norte, Brazil.

The acquisition marks the first time a private equity fund has taken over the operation of an onshore oil field. Starboard Asset will be the managing fund manager of 3R Petroleum, a company set up to manage onshore fields.

Campos Mello Advogados took part in all stages of the process, including negotiating with Petrobras, structuring the debt assumed by the fund and forming equity.

The Campos Mello team was led by partner Marcus Bitencourt (Picture) and included partners Paulo Lopes and Jorge Gallo.

Involved fees earner: Paulo Almeida Lopes – Campos Mello Advogados; Marcus Vinicius Bitencourt – Campos Mello Advogados; Jorge Gallo – Campos Mello Advogados;

Law Firms: Campos Mello Advogados;

Clients: Starboard Asset Ltda.;