Targeting Petrobras Assets, EIG Will Sell Stake in Brazilian Pipeline Operator TBG to Fluxys

Written by Flavia Marinho

Published on 06/01/2021 at 15:56

Updated on 06/01/2021 at 15:57

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TBG Owns And Operates The Brazilian Section Of The Bolivia-Brazil Pipeline (GASBOL), Which Is A Natural Gas Pipeline System Of Nearly 2,600Km

The CEO of EIG, based in the USA, Blair Thomas, reported that as part of a broader shift for Brazil’s growing natural gas industry, he wants to bid for a 51% stake in the pipeline owned by the Brazilian state oil company Petrobras. Petrobras Sells Its Entire Stake In The Brazil-Bolivia And TSB Pipelines

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He stated that antitrust issues blocking an EIG offer for a stake in Petrobras are being resolved through the sale of an undisclosed amount of EIG’s 27.5% stake in the Brazilian section of a pipeline known as Gasbol, which connects Bolivian reserves to Brazil.

“This is about freeing us up for a broader strategy”, said Thomas in a video conference interview.

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He noted that EIG, which manages funds focused on energy assets, intends to create a private sector alternative for processing and transporting gas from major oil companies as Brazil develops the largest offshore pre-salt discoveries.

EIG is prepared to spend billions to join partners in acquiring pipelines, processing plants, and eventually in natural gas production in Brazil, Thomas said, as supply and demand for the fuel grow in the largest economy in Latin America.

“We believe in the energy transition and natural gas has a key role to play in that”, said Thomas.

EIG’s bet on Brazil comes as Petrobras accelerates asset sales, ending what was nearly a state monopoly in natural gas five years ago.

He mentioned that EIG is also exploring Petrobras’s medium-term offshore oil fields producing 150,000 to 200,000 barrels per day, including the legacy fields Albacora and Marlim.

Leaving Bolivia

Gasbol connects the natural gas reserves in the Andean country to Brazil through two distinct entities: Gas TransBoliviano SA (GTB), which owns and operates the Bolivian section, and Transportadora Brasileira Bolívia Gasoduto-Brasil SA (TBG), its counterpart in Brazil.

The EIG fund that holds the investment in the Brazil-Bolivia pipeline will be closed, Thomas said. The Bolivian side of the 2,600-kilometer pipeline, in which EIG has a 38% stake, will also eventually be sold, he said, without providing details.

Brazil has been importing most of its natural gas from Bolivia for decades. But new oil and gas discoveries are slowly reducing this dependence and could turn Brazil into a gas exporter one day, said Thomas.

EIG has also invested in Gas Natural Açu (GNA), an operational LNG terminal, natural gas, and energy hub with 6.4GW of gas power in development at the Porto do Açu.

Targeting Petrobras Assets, EIG Will Sell Stake in Brazilian Pipeline Operator TBG to Fluxys

TBG Owns And Operates The Brazilian Section Of The Bolivia-Brazil Pipeline (GASBOL), Which Is A Natural Gas Pipeline System Of Nearly 2,600Km

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Targeting Petrobras Assets, EIG Will Sell Stake in Brazilian Pipeline Operator TBG to Fluxys

TBG Owns And Operates The Brazilian Section Of The Bolivia-Brazil Pipeline (GASBOL), Which Is A Natural Gas Pipeline System Of Nearly 2,600Km

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