Petrom Wants to Enter the Oil and Gas Market by Acquiring a Stake in a Portuguese Company

Written by Renato Oliveira

Published on 18/07/2019 at 15:10

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Eyeing the Oil and Gas Market, Ecom Group Company Files Approval Request with CADE to Acquire Portuguese Galp’s Concession

Petrom, a company of the Ecom group, has just filed an approval request with CADE to acquire the share of the Portuguese oil company Galp in the BT-SEAL-13 concession, where the Rabo Branco field is located in the Sergipe-Alagoas Basin.
Galp’s share in the concession is 50%, the other half belongs to Petrobras. This marks a strong move from a new company in the oil and gas sector.

Petrom was created to explore the national oil and gas market and is negotiating the purchase of Galp’s assets to formalize its entry into this market.

ARTICLE CONTINUES BELOW

The Concession

The BT-SEAL-13 concession, controlled by Galp, includes blocks EAL-T-412, 419, 429, and 456, acquired in the seventh ANP bidding round. All were returned to the agency in April 2018.
According to ANP, the Rabo Branco field, the target of the dispute, produced 156 bopd and 3,000 m³/d of natural gas in May. The field was discovered in 2007.

The Portuguese oil company also has stakes in the Sanhaçu fields (50%) in the Potiguar Basin; Lula (10%), Oeste de Atapu (10%), Sururu (10%), and Berbigão (10%) in Santos.

The Ecom group operates in Brazil in the electricity generation and distribution market and GLP marketing and is expanding its business by investing US $ 5 million in Chile in a 3 MW photovoltaic generation plant.
“Chile has strong potential for solar energy generation,” declared Pulo Toledo, managing partner of Ecom Energia at the time of the investment.

Petrom Wants to Enter the Oil and Gas Market by Acquiring a Stake in a Portuguese Company

Eyeing the Oil and Gas Market, Ecom Group Company Files Approval Request with CADE to Acquire Portuguese Galp’s Concession

The Concession

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