PetroRio received a waiver from Repsol Sinopec corresponding to a 10% stake in the Albacora Leste field
PetroRio (PRIO3) disclosed, this Monday (the 30th), that it received from Repsol Sinopec the waiver of the right to acquire a 90% stake in the Albacora Leste field. In addition, the oil company also published the certification of the asset's reserves, responsible for more than doubling the company's volumes.
In April of this year, PetroRio signed, in a consortium with Repsol, the purchase of the Albacora Leste field, belonging to Petrobras and located in the Campos Basin. The venture was signed for US$ 2,2 billion and will allow the oil company, the largest independent company in oil and gas country, practically doubled in size, both in production and in revenue and EBITDA. Until the time of purchase, PetroRio produced 34 barrels/day, while the acquisition is capable of adding another 27.
PetroRio has a 90% interest in the field, with the remaining 10% belonging to Repsol Sinopec
Under the terms of the agreement, PetroRio is the operator of 90% of the business, and Repsol Sinopec Brasil (RSB) represents the remaining 10% stake.
Regarding the waiver received from Repsol, PetroRio stated that the conclusion of the transaction still needs to be approved by the Administrative Council for Economic Defense (Cade), which already had the request filed on May 27, and by the regulatory agency ANP.
Furthermore, the oil company also disclosed the certification of the field's reserves, prepared by DeGolyer & MacNaughton, with a reference date of October 1 of this year.
PetroRio states that its proved reserves (1P) now reach 431,4 million barrels, including 243,5 MMbbl from the acquisition of 90% of Albacora Leste. Proved and probable (2P) reserves, in turn, reach 643 MMbbl, including 355 MMbbl from Albacora Leste, while the oil company's proven, probable and possible (3P) reserves total 906 MMbbl, 459 MMbbl from Albacora East.
About Albacora Leste
Discovered in 1986, the Albacora Leste field covers an area of 511 km². Its production is carried out using the FPSO P-50, with an oil processing capacity of 180 Kbbl/de 6 MMm³/d of gas.
During the first 18 months of operation at the site, PetroRio will focus on investments of around US$ 150 million destined for FPSO P-50, in order to guarantee the highest levels of integrity of the asset and, thus, achieve safety standards and operating efficiency corresponding to other operations.
In addition, the oil company will also capture synergies and implement its operational methodology, in order to reach a cost level compatible with the operation of FPSO P-50, which would be close to US$ 90 million per year.
Afterwards, the Albacora Leste field redevelopment campaign will begin, comprising the connection or drilling of 17 producing wells and 5 injection wells over the course of 5 years. The development will be done in two stages:
In the first, the connection of 3 production wells already drilled, 8 new production wells and 1 injection well will be promoted. In the second, 6 new producing wells and 4 injectors will be contemplated.
Finally, PetroRio must also carry out the early decommissioning (until 2027) of 5 producing wells and 1 injector, already included in the amount paid for the field. The oil company foresees a CAPEX of around US$ 15 million per well. The final abandonment of the field, in turn, scheduled for after 2050, is estimated at US$ 800 million.
