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Negotiations for the acquisition of TotalEnergies' share in the offshore field began during 2022. Now, PRIO has announced the completion of the process, starting to operate fully in the Itaipu Field.
The multinational oil company PRIO has announced advances in its expansion plans in the Brazilian offshore market. It finalized the acquisition of TotalEnergies' stake in the Itaipu Field, acquiring the company's 40% stake. Now, she is preparing for a even more intensive oil and natural gas exploration and production campaign in the Brazilian offshore segment for the coming months.
Initiated in 2022, the acquisition process of TotalEnergies' stake in the Itaipu Field is finalized by PRIO, which advances in the fuel market
Through the acquisition of TotalEnergies' stake in an offshore field in Brazil, Brazilian oil and gas company PRIO, formerly known as PetroRio, became the sole owner of the field.
In September 2022, PRIO signed an agreement with TotalEnergies E&P Brasil, a subsidiary of French company TotalEnergies, for the acquisition of a 40% stake in block BM-C-32, which contains the Itaipu field.
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At the time, PRIO explained that it would pay $75.000 at the closing of the acquisition and another R$26.925 thousand would be paid after defining the destination of Itaipu.
Currently, on March 23, 2023, PRIO confirmed the completion of the acquisition of a 40% interest in block BM-C-32, acquired from TotalEnergies, allowing it to assume full ownership of the field.
The acquisition of the 60% stake of BP Energy do Brasil, a subsidiary of the British BP, in Itaipu in June 2021, increased PRIO's stake to 100% in the concession.
With the completion of the transaction for the acquisition of the offshore field, the independent oil company is placing itself in the spotlight of the Brazilian oil and natural gas market at the end of this month.
It is preparing an intensive fuel exploration and production campaign over the coming months.
Company advances in its operations in the offshore oil and natural gas market with the acquisition of Campo de Itaipu, from TotalEnergies
The Itaipu field was discovered in 2009 in the BM-C-32 block, in the pre-salt layer of the Campos basin. It is located in deep waters (1.300 m) and 120 km off the coast of Espírito Santo, adjacent to the Parque das Baleias cluster and close to the Wahoo field.
Three wells were drilled to assess the reservoir and a formation test was carried out in the discovery well, which revealed good productivity and light oil of 31º API.
Preliminary PRIO studies indicate that the accumulation is potentially shared with the southeast region of the adjacent cluster.
PRIO also signed a long-term operating agreement with Ocyan in January 2023 for a semi-submersible platform that will carry out operations offshore Brazil.
In addition, the company paid nearly US$2 billion to acquire Petrobras' entire stake in the deepwater Albacora Leste field in Brazil, allowing it to take over operation of the field.
Now, with the completion of the acquisition process of TotalEnergies' stake in the Itaipu Field, PRIO becomes even more present in the national offshore market.
