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21 January 20223 minute read

Campos Mello Advogados advises Cobra Group in US$1.1 billion acquisition of Carmópolis Cluster

Campos Mello Advogados (CMA), in cooperation with DLA Piper, advised Cobra O&G Group, a privately held independent oil and gas company, in the negotiation and acquisition of the Carmópolis Cluster from Petróleo Brasileiro S.A. - Petrobras.

The US$1.1 billion sale price is the largest deal in the history of Brazilian onshore oil and gas exploration and production assets. The Carmópolis Cluster, a set of 11 concessions of onshore production fields with integrated facilities, is located in the state of Sergipe. The sale was executed by the parties on December 23, 2021.

“We are proud to support this historic acquisition in a key market, bringing together our extensive regulatory capabilities and key oil and gas sector experience to ensure a successful transaction,” said Alexandre Calmon, the Campos Mello partner who led the deal. “The Latin American region is positioned for rapid growth, and we are well equipped to complement and drive that development in support of our clients.”

In addition to Calmon, the Campos Mello Advogados team that worked on the deal included partners Marcelo Frazão, Vilmar Gonçalves, Humberto Marini, Maria Eduardo Bérgamo, Rosana Jayme, Victor Kampel and Luciana Martorano; and associates Patricia Winter, Nathalia Almeida, Tainá Carvalho, Juliana Costa and Lucca Galato.

DLA Piper's Energy sector lawyers advise sponsors, investors and other industry participants on the development, financing, purchase and sale of energy companies and energy infrastructure projects and portfolios. For decades, the firm has represented organizations operating in the sector throughout the world, with a global team serving clients in the renewable generation, energy storage, oil and gas, nuclear, energy trading, climate change and water markets. In addition to energy companies, the firm’s clients also include financial institutions, governments, utilities, regulatory bodies, and corporate and industrial buyers of renewable energy.