Petrobras’ Albacora Oil Field in the Campos Basin May Be Sold to PetroRio

PetroRio’s Proposal for Petrobras’ Oil Field in the Campos Basin Surpassed Offers from Enauta and 3R Petroleum

According to Money Times, four people with knowledge of the matter reported that Petrobras chose the offer from the PetroRio and Cobra consortium, a subsidiary of the French Vinci, for the offshore oil field of Albacora, located in the Campos Basin. The PetroRio-Cobra proposal surpassed a competing offer made by a consortium made up of the private equity firm EIG Global Energy Partners along with the Brazilian companies Enauta and 3R Petroleum. Read also this news: Environmentalists Debate Oil and Gas Extraction in Fernando de Noronha

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Offers for the Oil Field

Both consortiums also presented offers for the neighboring oil field of Albacora Leste, Reuters reported in August. The exact values of the offers were unclear, although Petrobras stated at the end of September that the received offers could exceed $4 billion for the two fields.

Petrobras is currently selling dozens of assets in an attempt to reduce its debt and enhance its focus on the productive offshore oil production area of the pre-salt. The Albacora field produced 43,000 barrels of oil per day (boepd), according to documents released by Petrobras, when the company launched the sales process in 2020. Albacora Leste produced 34,000 boepd at that time.

Petrobras is now expected to enter bilateral negotiations for the Albacora field in the Campos Basin with the consortium led by independent oil producer PetroRio, sources said. However, Petrobras decided to conduct a new bidding process for Albacora Leste, said the sources on Wednesday, dismissing the results of the original round for that field.

Also Check this News: Petrobras Will Invest R$ 1.5 Billion in Oil Exploration in the Equatorial Margin

Petrobras plans to invest around $1.5 billion to drill 14 oil wells in the equatorial margin of Brazil over the next five years. The region is considered to have high environmental sensitivity, and thus, oil companies that acquired exploratory areas in this basin have been unable to advance projects due to lack of licensing.

The director of exploration and production at Petrobras, Fernando Borges, stated in an interview with the newspaper “Valor Econômico” that the company intends to increase investments in drilling in the Equatorial Margin. In total, the state-owned company plans to invest about $1.5 billion to drill 14 exploratory wells in the region over five years. “Petrobras continues to maximize the value of its portfolio, focusing on deep and ultra-deep waters, operating ethically and transparently, ensuring safety in its operations and respecting people and the environment,” stated the company’s executive.

For years, oil companies have been trying to obtain environmental licensing to develop blocks acquired in auctions by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The region is considered promising due to geological similarities with high-potential basins located in Guyana and Suriname. However, Ibama has denied successive requests, primarily because the companies have not been able to demonstrate that they have leak control systems to cope with the region’s sea currents.