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Following the exit of companies from China, a US$1,92 billion deal strengthens PRIO's position in Brazil's giant offshore field, expanding its production and consolidating its presence in the sector.
In a strategic move that reinforces 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, which totals US$1,92 billion, followed the exit of two Chinese companies that held non-operated stakes in the offshore field located in the Campos Basin region of Rio de Janeiro.
PRIO, formerly known as PetroRio, announced the fulfillment of all necessary conditions to seal the deal 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 over a significant portion of one of Equinor’s largest assets outside Norway.
Company's expectations in Brazil's giant offshore field
The $1,92 billion package includes an initial payment of $191,5 million, plus $1,72 billion at closing, plus customary price adjustments. The Brazilian company expects this deal to significantly boost its production level, increasing it by around 35.000 barrels per day.
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Furthermore, the optimization of logistics for oil marketing, allowing for the combination of withdrawals from Brazil's giant offshore field with cargo 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 is close to 338 million barrels, with a net volume of 135 million barrels destined for PRIO. With the new shareholding structure, the useful life of the asset is expected to extend beyond 2037, strengthening Brazil's 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 approximately 85 kilometers off the coast of Rio de Janeiro. The infrastructure, consisting of the FPSO Peregrino and fixed platforms A, B and C, has received constant investment, including the installation of the Peregrino C platform and the drilling of new wells. Recently, the field has also made progress in gas import projects, connecting via Petrobras' Rota 2 gas pipeline.
With new acquisition completed and the departure of companies from China, PRIO reinforces its presence in Brazil's giant offshore field, further strengthening the country's oil and gas industry, while consolidating its space as a major player in the international energy scene.
Giant field in mature oil basin. Çei
Very strange, because a Chinese company decides to sell its stake in an oil field. And on the battlefield, the only thing that matters is victory, winning and winning and winning. I win, Sergioguedes.