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With the New Acquisition, PetroRio Practically Doubles Its Oil Production and Reserves, Generating Jobs, Taxes, and Even Creating Courses and Training Programs to Sustain the Operation of the New Platform Acquired.
The Brazilian oil giant Petrobras, continuing the announcement made on 04/27/2022, informs that it has signed with Petro Rio Jaguar Petróleo LTDA. (PetroRio), a subsidiary of Petro Rio S.A., a contract for the sale of its entire stake in the Albacora Leste concession, located predominantly in deep waters in the Campos Basin.
According to Petrobras’ report, the total value of the sale is up to US$ 2.20 billion, including (a) US$ 292.7 million paid today; (b) US$ 1.66 billion to be paid upon closing of the transaction; and (c) up to US$ 250 million in contingent payments, depending on future Brent prices. The values do not consider adjustments due until the closing of the transaction, which is subject to the fulfillment of certain precedent conditions, such as the non-exercise of the right of preference by the current consortium partner Repsol Sinopec Brasil, approval by the Administrative Council for Economic Defense (CADE), and by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Watch the Video Below and Check Out the Entire Negotiation Between the Oil Giants of Brazil
According to the Executive Manager of Deep Waters at Petrobras, César Cunha de Souza, the asset management process is crucial for Petrobras to continue its strategy. “Portfolio management allows Petrobras to focus its resources on its priority projects for value generation. It also enables new players to enter the market. These are companies optimized for mature fields that will potentially prioritize new investments for increasing production, boosting economic activity, and revenue for states.”
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According to Roberto Monteiro, CEO of PetroRio, the acquisition of Albacora Leste is transformational for PRIO. “It practically doubles our production and reserves, bringing great potential for value generation for the Company. Our plans include extensive investments in the field, generating jobs, taxes, and even creating courses and training programs to sustain the operation of the new platform acquired. All of this with a strong focus on environmental preservation, safety, reducing the carbon footprint, and extending the lifespan of the assets,” said Roberto Monteiro.
About Albacora Leste Acquired by PetroRio
The Albacora Leste field has an area of 511.56 km² and is located in the northern area of the Campos Basin, in water depths ranging from 1,000 to 2,150 m, approximately 120 km from Cabo de São Tomé. The average daily production of Albacora Leste from January to March 2022 was 25.4 thousand barrels of oil per day and 615.3 thousand m³/day of gas. Petrobras operates the field with a 90% stake and the remaining 10% belongs to Repsol Sinopec Brasil.
Petro Rio Jaguar Petróleo Ltda (PetroRio) is a wholly owned subsidiary of PetroRio S.A.. PetroRio is the largest independent oil and gas company in Brazil, focusing on the acquisition, redevelopment, and efficient and safe operation of mature fields, with operations concentrated in the Campos Basin.
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