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The End of Comperj Is Now Official – Petrobras and CNPC Also Cancel Another Deal in Marlim

Written by Paulo Nogueira
Published on 18/12/2019 at 23:01
Updated on 18/12/2019 at 23:17
Comperj Petrobras Refinaria CNPC obra
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If There Was Any Hope for the Resumption of Comperj, It Was Finalized This Wednesday with an Official Note from Petrobras. The State-Owned Company’s Board of Directors Seeks Alternatives for Itaboraí

The economic feasibility study regarding the completion of the Comperj refinery was concluded by Petrobras this Wednesday (18), along with the Chinese company CNPC and its affiliates. The study demonstrated that completing the construction of the refinery does not present economic attractiveness.

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In accordance with the agreements reached, the projects related to the strategic partnership, which also included CNPC’s 20% participation in the Marlim cluster (concessions for Marlim, Voador, Marlim Sul, and Marlim Leste), were closed without the business being finalized.

Thus, the Petrobras Board of Directors approved the initiation of procedures for canceling the project and requested an assessment of alternatives for the Comperj area, located in Itaboraí, Rio de Janeiro.
Among the alternatives, Petrobras is studying the integration of the Duque de Caxias Refinery (Reduc) with some hibernated units of Comperj for the production of base lubricants and high-quality fuels from intermediate products from Reduc. The products would be sent for processing at Comperj via pipelines.

The study also includes the possibility of constructing a thermoelectric plant, in partnership with other investors, using natural gas from the pre-salt.

Route 3 Maintained

The implementation of the Integrated Project Route 3, which encompasses the Route 3 gas pipeline, the natural gas processing unit (UPGN), and the necessary utilities for its operation, which will allow the flow of 21 million cubic meters of gas from the pre-salt per day starting in 2021, is maintained.
The projects under study are in line with the 2020-2024 Strategic Plan, which aims to operate competitively in refining and gas activities, and its effective implementation will depend on the completion of the feasibility studies.

Petrobras and CNPC will continue to seek new joint business opportunities, strengthening the bond started in 2013 with the partnership in the Libra area, followed by the acquisition in 2017 of the Peroba Block (together with BP), and recently the right to explore and produce the excess volume from the Transfer of Rights Agreement for the Búzios field.
The company’s decision is aligned with the ongoing optimization of the portfolio and the improved allocation of Petrobras’ capital, aiming to maximize value for its shareholders.

Source: Petrobras

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Paulo Nogueira

Eletrotécnica formado em umas das instituições de ensino técnico do país, o Instituto Federal Fluminense - IFF ( Antigo CEFET), atuei diversos anos na áreas de petróleo e gás offshore, energia e construção. Hoje com mais de 8 mil publicações em revistas e blogs online sobre o setor de energia, o foco é prover informações em tempo real do mercado de empregabilidade do Brasil, macro e micro economia e empreendedorismo. Para dúvidas, sugestões e correções, entre em contato no e-mail informe@en.clickpetroleoegas.com.br. Vale lembrar que não aceitamos currículos neste contato.

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