Start PetroRio, the largest independent oil and gas company in Brazil, buys the Albacora Leste field and fills the coffers of Brazilian oil giant Petrobras with more than R$ 11 billion

PetroRio, the largest independent oil and gas company in Brazil, buys the Albacora Leste field and fills the coffers of Brazilian oil giant Petrobras with more than R$ 11 billion

April 29, 2022 3:09 pm to 3:09 pm
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With the new acquisition, PetroRio practically doubles its production and oil reserves, generating jobs, taxes and even creating courses and training programs to sustain the operation of the new acquired platform.

The Brazilian oil giant Petrobras, in continuation of the statement released on 04/27/2022, informs that it has signed with Petro Rio Jaguar Petróleo LTDA. (PetroRio), a subsidiary of Petro Rio SA, contract for the sale of its entire interest in the Albacora Leste concession, located predominantly in deep waters in the Campos Basin.

According to the Petrobras report, the total value of the sale is up to US$ 2.20 billion, with (a) US$ 292.7 million being paid on today's date; (b) US$ 1.66 billion to be paid upon closing of the transaction and (c) up to US$ 250 million in contingent payments, depending on future Brent quotations. The amounts do not consider the adjustments due until the closing of the transaction, which is subject to the fulfillment of certain conditions precedent, such as the non-exercise of the preemptive right by the current consortium member Repsol Sinopec Brasil, the approval by the Administrative Council for Economic Defense (CADE) and by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

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Watch the video below and check out in full the negotiation between the Brazilian oil giants

Video by the executive manager of Deep Water at Petrobras, Cesar Cunha de Souza.

According to the Executive Manager of Deep Water at Petrobras, César Cunha de Souza, the asset management process is essential for Petrobras to continue in its strategy. “Portfolio management allows Petrobras to focus its resources on its priority projects to generate value. It also allows new players to enter the market. These are companies optimized for mature fields that will potentially prioritize new investments to increase production, increase economic activity and increase revenue for states”.

According to Roberto Monteiro, CEO of PetroRio the acquisition of Albacora Leste is transformational for PRIO. “It practically doubles our production and reserves, bringing great potential for generating value for the Company. Our plans include extensive investments in the field, generating jobs, taxes and even creating courses and training programs to support the operation of the new acquired platform. All this with a strong focus on preserving the environment, safety, reducing the carbon footprint and extending the useful life of assets”, said Roberto Monteiro.

About Albacora Leste won by PetroRio

The Albacora Leste field has an area of 511.56 km2 and is located in the northern area of the Campos Basin, at water depths ranging from 1,000 to 2,150 m, at a distance of about 120 km from Cabo de São Tomé. . The average daily production of Albacora Leste from January to March 2022 was 25.4 thousand barrels of oil per day and 615.3 thousand m³/day of gas. Petrobras is the operator of the field with 90% of participation and the remaining 10% belong to Repsol Sinopec Brasil.

Petro Rio Jaguar Petróleo Ltda (PetroRio) is a wholly-owned subsidiary of PetroRio SA. PetroRio is the largest independent oil and gas company in Brazil, focusing on the acquisition, redevelopment and efficient and safe operation of mature fields, with operations concentrated in the Campos Basin.


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