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Petrobras Concentrates Its Resources More and More on World-Class Assets in Deep and Ultra-Deep Waters and Puts Its Wholly Owned Subsidiary in Argentina Up for Sale
It’s complete! Petrobras sells its stake in Patagonian gas and completes its exit after the purchase of Mindlin. Petrobras has started moving the pieces again and is looking for a buyer for its remaining stake in a Patagonian gas extraction project after almost completely selling its assets over six years ago.
The Brazilian oil giant notified the São Paulo securities regulator that it will seek a buyer for its 33.6 percent stake in the Rio Neuquén project, which it has been sharing with YPF and Pampa Energia.
Petrobras’ decision represents a total exit from Argentina, a process that began in May 2016 with the sale of Pampa Energia, controlled by Marcelo Mindlin, of gas stations, a refinery, and other businesses for over 890 million dollars.
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Brazilian giant expands borders in the Southeast: Petrobras confirms new oil discovery in ultra-deep waters in the pre-salt of the Campos Basin.
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Alert in the global energy market: Severe tropical cyclone hits the coast and disrupts gas production at major plants in Australia, threatening global supply.
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Petrobras finds high-quality oil in the pre-salt at 113 km from RJ and reignites expectations about strategic reserves in the Campos Basin.
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Ocyan opens registrations for startups focused on innovation in the oil and gas sector and will select projects for Innovation Day with the support of Nexio.
Since 2020, Petrobras has been Closing Deals in Several Latin American Countries like Argentina, Colombia, and Uruguay.
In arguing this new move, Petrobras noted that it aims to “optimize” its portfolio of world-class assets in deep and ultra-deep waters. This sale is part of a divestment plan in several Latin American countries since 2020, mainly involving the closure of offices and other businesses of the oil company in Argentina, Colombia, and Uruguay.
It is worth remembering that this year, Petrobras also announced the sale of assets from Petrobras Colombia Combustibles, a distributor with 124 points of sale. By shutting down these operations in South America and London, Petrobras aims to reduce expenses by at least 13.5 million dollars.
The business plan established by Petrobras’ leadership proposes to concentrate the oil company’s operational efforts on the extraction of hydrocarbons in the pre-salt basin off the states of São Paulo and Rio de Janeiro.
The Story of the Brazilian Oil Company in the Neighboring Country
In the Rio Neuquén project, Petrobras explored 16 wells and generated 250 million dollars. In addition to its 2016 sale to Pampa Energía, the Brazilian oil company completed the closure of offices in Buenos Aires in December 2020. At that time, the company assured that it would concentrate its commercial operations outside Brazil in the United States, Netherlands, and Singapore.
This decision marked the end of the company’s administrative history in the country. Petrobras entered Argentina in 2002 with the purchase of PeCom Energia, for which it paid just over 1.1 billion dollars.
Just a few years later, in 2010, it sold the San Lorenzo refinery, located in Santa Fe, and 345 service stations to Cristóbal López for US$ 110 million, which became known as Oil Combustibles.
State-Owned and a Controversial Exit
In November 2020, iProfesional reported that Pampa Energía sued Petrobras before the International Trade Court for “fraudulent omissions” in the transfer operation.
The presentation of the group led by Mindlin was related to suspicions about certain export operations, as part of the share purchase and sale agreement for Petrobras Argentina (PESA).
Last July, after new accusations of alleged accounting book manipulation, the oil company had to face a lawsuit for 730 million dollars, which in the first instance had a favorable outcome for Petrobras.
The Argentine judiciary, through a first-instance decision, ruled that Petrobras is not adjudicable in the country due to the application of law 24.488. This framework stipulates that a sovereign state cannot be subjected to trial, a condition that applies to the state-owned company while the majority shareholder is the Brazilian state.
Job Openings at the Brasfels Shipyard: Professionals with and without Experience in Shipbuilding Are Called to Work on Offshore Platform Construction for Petrobras
Keppel secures a billion-dollar contract from Petrobras for the construction of the P-83 platform, which will operate in Búzios – the largest oil field in the world; work will be carried out at shipyards in Brazil, China, and Singapore.
According to Petrobras’ report, the construction of the P-83 will take place at shipyards in Singapore, China, and Brazil, achieving a local content percentage of 25%, and many jobs will be generated at the Angra dos Reis shipyard. Its production is scheduled for 2027 and will help to increase the installed capacity of the field from the current 600 thousand bpd to 2 million bpd.
Application: Those interested can check all available job openings at the Brasfels Shipyard and register their resumes directly on the company’s website, AT THIS LINK.
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