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The Negotiations for the Acquisition of TotalEnergies Stake in the Offshore Field Began in 2022. Now, PRIO Has Announced the Completion of the Process, Operating in Full at the Itaipu Field.
The multinational oil company PRIO announced advancements in its expansion plans in the Brazilian offshore market. It has completed the acquisition of TotalEnergies’ stake in the Itaipu Field, acquiring the 40% stake from the company. Now, it is preparing for an even more intensive exploration and production campaign for oil and natural gas in the Brazilian offshore segment in the coming months.
Initiated in 2022, Acquisition Process of TotalEnergies Stake in the Itaipu Field is Completed by PRIO, Advancing in the Fuel Market
Through the acquisition of TotalEnergies’ stake in an offshore field in Brazil, the Brazilian oil and gas company PRIO, formerly known as PetroRio, has become the sole owner of the field.
In September 2022, PRIO signed an agreement with TotalEnergies E&P Brazil, a subsidiary of the French TotalEnergies, for the acquisition of a 40% stake in block BM-C-32, which contains the Itaipu Field.
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At the time, PRIO explained that it would pay $75,000 at the closing of the acquisition, with an additional R$26,925 thousand to be paid after the destination of Itaipu was defined.
As of March 23, 2023, PRIO confirmed the completion of the acquisition of a 40% stake in block BM-C-32, acquired from TotalEnergies, allowing it to assume full ownership of the field.
The acquisition of BP Energy do Brasil’s 60% stake in Itaipu in June 2021, a subsidiary of the British BP, raised PRIO’s stake to 100% in the concession.
With the completion of the transaction for the acquisition of the offshore field, the independent oil company is putting itself in the spotlight of the Brazilian oil and natural gas market at the end of this month.
It is preparing an intensive exploration and production campaign for fuels over the coming months.
Company Advances in Its Operations in the Offshore Oil and Natural Gas Market with the Acquisition of the Itaipu Field from TotalEnergies
The Itaipu Field was discovered in 2009 in block BM-C-32, in the pre-salt layer of the Campos Basin. It is located in deep waters (1,300 m) and 120 km off the coast of Espírito Santo, adjacent to the Parque das Baleias cluster and near the Wahoo field.
Three wells have been drilled to assess the reservoir, and formation testing was performed on the discovery well, revealing good productivity and light oil of 31º API.
PRIO’s preliminary studies indicate that the accumulation is potentially shared with the southeastern region of the adjacent cluster.
PRIO also signed a long-term operational contract with Ocyan in January 2023 for a semi-submersible platform that will conduct offshore operations in Brazil.
Additionally, the company paid nearly US$2 billion for the acquisition of all Petrobras’ stake in the deep-water Albacora Leste field in Brazil, enabling it to assume operation of the field.
Now, with the completion of the acquisition process of TotalEnergies’ stake in the Itaipu Field, PRIO becomes even more present in the national offshore market.
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