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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 acquired platform.
The Brazilian oil giant Petrobras, continuing the statement released on 27/04/2022, informs that it has signed with Petro Rio Jaguar Petróleo LTDA. (PetroRio), subsidiary of Petro Rio SA, contract for the sale of its entire stake in the Albacora Leste concession, located predominantly in deep waters in the Campos Basin.
According to the Petrobras report, the total value of the sale is up to US$ 2,20 billion, of which (a) US$ 292,7 million was 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 amounts do not consider the 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 preemptive right by the current consortium member Repsol Sinopec Brasil, the approval by the Administrative Council for Economic Defense (CADE) and by the National Petroleum, Natural Gas and Biofuels Agency (ANP).
Watch the video below and see the negotiation between the oil giants in Brazil in full
According to the Executive Manager for Deep Water at Petrobras, César Cunha de Souza, the asset management process is essential for Petrobras to continue with its strategy. “Portfolio management allows Petrobras to focus its resources on its priority projects to generate value. It also allows the arrival of new players in the market. They are companies optimized for mature fields that will potentially prioritize new investments to increase production, increase 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 reserve, bringing great potential for generating value to the Company. Our plans include extensive investments in the field, generating jobs, taxes and even creating courses and training programs to support the operation of the newly acquired platform. All this with a strong focus on preserving the environment, safety, reducing the carbon footprint and extending the useful life of assets,” said Roberto Monteiro.
About Albacora Leste sold 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 a water depth that varies from 1.000 to 2.150 m, at a distance of about 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 is the operator of the field with a 90% stake and the remaining 10% belong to Repsol Sinopec Brasil.
Petro Rio Jaguar Petróleo Ltda (PetroRio) is a wholly-owned subsidiary of PetroRio SA. 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.
