Petrobras Sells 25% of Roncador to Statoil

Some Say This Is a Form of “Installment” Privatization of Petrobras for Foreigners Gaining Market in Brazil

Petrobras continues to stand firm in its divestment plans, further opposing statists and supporters of the state-owned company. It just transferred 25% of the Roncador Field to Equinor (formerly Statoil); however, Petrobras still remains the majority holder in this asset, with 75% of the participating shares. With this transaction, Petrobras disbursed US$ 2 billion, with a prior advance of US$ 117.5 million paid by Equinor just to ensure that Petrobras does not back down in the future.

The remaining payments still needed for future investments are around US$ 550 million, and these funds will be allocated to maximizing the recovery of this asset. If predictions are positive, recovery rates could reach about 5% of the recovered oil volumes, which in practical terms could add 500 million more barrels of oil.

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Anders Opedal, president of Equinor in Brazil, said: “We are excited to work with Petrobras to maximize the potential of Roncador. The collaboration between the two companies will allow for the extension of the productive life of the field, which will result in positive effects for local communities and the supply industry. This will also yield more value and resources for the benefit of Brazil and the companies involved.”

Bringing to attention Equinor’s current productivity in Brazil, with this new acquisition in Roncador, the Norwegian company will now see a 150% increase in active holdings in the country. Equinor’s current production is around 40,000 barrels per day, but the forecast is that this figure will more than double, reaching around 100,000 barrels daily. Foreign companies are increasingly gaining ground in Brazil, as evidenced by Total this week, which acquired 3 power plants in São Paulo (check out the article here).