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Together, the Two Petrobras Oil Fields Produced More Than 70 Thousand Boepd, Which Could Triple PetroRio’s Production
Petrobras is undergoing a process of bilateral negotiations with PetroRio to sell the Albacora and Albacora Leste oil fields since last November. This transaction could possibly be one of the last disinvestments – a stance the company has been taking with many mature fields – from Petrobras before the presidential elections in October. On the other hand, this would also be a significant and transformative deal for PetroRio, which is headquartered in Rio de Janeiro.
According to reports from Reuters published by InfoMoney, PetroRio, which has been innovating with gas power generation systems, is reportedly close to agreeing to Petrobras’ terms for the acquisition of the Albacora Leste field. However, regarding the Albacora field, rumors are less encouraging, as talks about it have become more complex. Both Petrobras and PetroRio have declined to comment on the negotiations.
According to documents published by Petrobras itself during the launch of the sale process in 2020, the Albacora field produced 43 thousand barrels of oil equivalent per day (boepd), while Albacora Leste provided 34 thousand boepd during that period.
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PetroRio, according to the company, produced around 31.6 thousand boepd in 2021. Thus, closing a purchase agreement for one or both oil fields could double or triple its oil production, a commodity that has been rising due to the war in Ukraine. Publicly, Petrobras stated that it received offers for both fields, totaling US$ 4 billion.
About the Negotiations
According to sources from Reuters, who requested anonymity to discuss the confidential sale process, both PetroRio and Petrobras may agree to the proposals for the Albacora Leste oil field as early as April.
However, according to the anonymous sources, negotiations for the other oil field, Albacora, have encountered obstacles due to new information added by Petrobras in December 2021, indicating that the field has more resources than previously expected.
Among the proposed terms for Albacora are provisions that require future payments from PetroRio – as well as a limited adjustment of value – depending on the financial performance of the oil field, known as “earnouts.”
One confidential source, who is closely linked to the negotiation processes, stated that the two companies discussed a price increase of around 10% to 15%, even though both sides have not reached a conclusion and any amount is subject to change.
A possible agreement regarding Albacora may come after the completion of the Albacora Leste oil field transaction. Nevertheless, PetroRio remains very interested in both oil fields, confirmed the same source.
Oil and Gas Companies Shell and Ecopetrol Will Invest R$ 136 Million with Contract Signing for 5 Exploratory Oil Blocks
On Monday, the 28th, contracts were signed between Shell and Ecopetrol Oil and Gas for 5 exploratory oil blocks, won in the 17th Round of Bidding. The information was disclosed by ANP.
The prediction is that the investments made by the winning oil and gas companies will be at least R$ 136 million. Additionally, a total of R$ 37 million was raised in signing bonuses. To learn more, click this link to read the full article from CPG.
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