Petroleum Company Perenco to Make Billion-Dollar Investment in Oil Fields Purchased from Petrobras in Campos Basin

Written by Flavia Marinho

Published on 28/12/2020 at 15:05

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In Addition to the Billion-Dollar Investment, Perenco Wants to Charter an FSO to Store Oil Production for Sale in the Domestic or International Market

Perenco intends to invest heavily in the oil fields purchased from Petrobras last year. Currently, the mature fields located in the Campos Basin are undergoing revitalization. The oil company’s investment in the Pargo, Carapeba, and Vermelho fields, located in shallow waters of the Campos Basin, would be around US$ 200 million.

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Perenco’s billion-dollar investment plan includes the operational recovery of the pipeline that transports oil from Carapeba to Pargo, extending the oil production from the fields to between 15,000 barrels per day and 20,000 barrels per day. To this end, the company has already requested an extension of the fields’ lifespan until 2040 to the National Agency of Petroleum (ANP).

In addition to the recovery of the pipeline, the company’s plans include chartering a FSO (Floating Storage and Offloading) to store oil production and thus gain more leverage for sales in the domestic or international market.

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About the Assets That Petrobras Sold to Perenco

Petrobras sold its entire stake in the Pargo, Carapeba, and Vermelho fields, located in shallow waters off the coast of the state of Rio de Janeiro, to Perenco in October last year.

After fulfilling all conditions precedent, the operation was completed with a payment of about US$ 324 million to Petrobras, already including the adjustments provided for in the contract. This amount is added to the US$ 74 million paid to Petrobras upon signing the sale contracts.

The Pargo field was discovered in 1975, and the Carapeba and Vermelho fields in 1982, with production starting in 1988. These concessions were granted to Petrobras in 1998 during the so-called Round Zero of auctions. The production system of these fields is integrated and consists of seven fixed jacket-type platforms. With the closure of the transaction, Perenco becomes the operator of the fields.

Petroleum Company Perenco to Make Billion-Dollar Investment in Oil Fields Purchased from Petrobras in Campos Basin

In Addition to the Billion-Dollar Investment, Perenco Wants to Charter an FSO to Store Oil Production for Sale in the Domestic or International Market

Read Also

About the Assets That Petrobras Sold to Perenco

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Petroleum Company Perenco to Make Billion-Dollar Investment in Oil Fields Purchased from Petrobras in Campos Basin

In Addition to the Billion-Dollar Investment, Perenco Wants to Charter an FSO to Store Oil Production for Sale in the Domestic or International Market

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