Billion-Dollar Deal at Sea: PRIO Invests $1.92 Billion and Takes Over 40% of Giant Offshore Field in Brazil After Exit of Chinese Companies

Written by Bruno Teles

Published on 11/12/2024 at 19:07

O FPSO Peregrino é uma unidade flutuante de produção, armazenamento e descarregamento (FPSO) capaz de processar cerca de 110 mil barris de petróleo e 300 mil barris de água por dia. Conta com sistemas avançados de separação, injeção e monitoramento para garantir eficiência e segurança nas operações offshore. (Imagem: Reprodução)

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After Exit of Companies from China, a US$ 1.92 Billion Agreement Strengthens PRIO’s Position in the Giant Offshore Field of Brazil, Increasing Its Production and Consolidating Its Presence in the Sector.

In a strategic move that strengthens PRIO’s position in the oil and gas sector, the Brazilian company has just completed the acquisition of a 40% stake in a giant offshore field in Brazil. The transaction, totaling US$ 1.92 billion, occurred after the exit of two companies from China that held non-operated shares in the coastal field located in the Campos Basin region in Rio de Janeiro.

PRIO, previously known as PetroRio, announced that it has met all necessary conditions to seal the agreement and join the consortium led by Equinor, responsible for operating the giant offshore field in Brazil. By acquiring the stakes that belonged to the Chinese companies – SPEP Energy Hong Kong and Sinochem International Oil – PRIO now takes on a significant portion of one of Equinor’s largest assets outside of Norway.

Company Expectation in the Giant Offshore Field of Brazil

The US$ 1.92 billion package includes an initial payment of US$ 191.5 million, plus US$ 1.72 billion upon closing, subject to customary price adjustments. The expectation of the Brazilian company is that this deal will significantly boost its production level, raising it by about 35,000 barrels per day.

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Furthermore, optimizing the logistics for oil commercialization, allowing the combination of withdrawals from the giant offshore field in Brazil with loads from other fields operated by PRIO, promises to generate synergies and efficiency gains.

According to certification from DeGolyer and MacNaughton (D&M), the recoverable economic volume (1P+1C) in the giant offshore field in Brazil approaches 338 million barrels, with a net volume of 135 million barrels designated for PRIO. With the new shareholder composition, it is expected that the asset’s lifespan will extend beyond 2037, strengthening the Brazilian presence in a scenario previously marked by the involvement of Chinese companies.

Field Was Discovered in 1994

The field, discovered in 1994, produced its first oil in 2011 and is located about 85 kilometers off the coast of Rio de Janeiro. The infrastructure, composed of the FPSO Peregrino and fixed platforms A, B, and C, has received ongoing investments, including the installation of the Peregrino C platform and the drilling of new wells. Recently, the field has also advanced in gas import projects, connecting through Petrobras’ Route 2 pipeline.

With the new acquisition completed and the exit of the companies from China, PRIO reinforces its presence in the giant offshore field in Brazil, further strengthening the oil and gas industry in the country while consolidating its position as a key player in the international energy landscape.

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Sergio Luiz Guedes costa

#97327

15/12/2024 20:44

Muito estranho, porque uma empresa da china resolve vender a sua participação num campo de petróleo.eo campo de batalha só interessa a vitóriaaa é vençer e vençer e vençer eu venço Sergioguedes

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Carlos Souza

#95084

13/12/2024 08:59

Campo gigante em bacia petrolífera madura. Çei

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Billion-Dollar Deal at Sea: PRIO Invests $1.92 Billion and Takes Over 40% of Giant Offshore Field in Brazil After Exit of Chinese Companies

After Exit of Companies from China, a US$ 1.92 Billion Agreement Strengthens PRIO’s Position in the Giant Offshore Field of Brazil, Increasing Its Production and Consolidating Its Presence in the Sector.

Company Expectation in the Giant Offshore Field of Brazil

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Field Was Discovered in 1994

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Billion-Dollar Deal at Sea: PRIO Invests $1.92 Billion and Takes Over 40% of Giant Offshore Field in Brazil After Exit of Chinese Companies

After Exit of Companies from China, a US$ 1.92 Billion Agreement Strengthens PRIO’s Position in the Giant Offshore Field of Brazil, Increasing Its Production and Consolidating Its Presence in the Sector.

Company Expectation in the Giant Offshore Field of Brazil

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Field Was Discovered in 1994

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