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The Oil Company Had Already Paid the Initial Installment upon Signing the Contract in April 2022. Now, PRIO Has Completed the Acquisition of the Albacora Leste Field and Will Operate 90% of the Asset Located in the Campos Basin.
During this Thursday, (01/26), the oil company PRIO announced the completion of the acquisition of the Albacora Leste field, located in the Campos Basin, in transaction with Petrobras. The total value of the transaction was US$ 1.951 billion, with an initial installment of US$ 293 million paid in April 2022. The negotiations were strongly criticized in some sectors of the national fuel market, but proceeded as planned.
Final Payment of US$ 1.951 Billion to Petrobras Completes the Acquisition of the Albacora Leste Field by PRIO
PRIO is finishing January with significant progress in its expansion plan in the national market.
The company announced the completion of the acquisition of the Albacora Leste field, following the final payment of the remaining amount to Petrobras.
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According to the independent oil company, the National Agency of Petroleum, Natural Gas and Biofuels (ANP) has already been informed about the completion of the deal.
Thus, the conclusion of the formal procedures is expected to happen throughout the day, as highlighted by the oil company.
PRIO purchased 90% of the concession for US$ 1.951 billion. An initial installment of US$ 293 million had already been paid upon signing the contract in April 2022.
In addition, an additional payment (earnout) of up to US$ 250 million is stipulated in the contract for the acquisition of the Campos Basin asset, depending on the next steps in the field.
Albacora Leste is located 23 km from the Frade field, also operated by PRIO. The field was discovered in 1986 and currently produces 32,000 barrels/day, with 27,200 barrels/day allocated to the oil company.
According to the Reserves Certification requested by PRIO and prepared by DeGolyer & MacNaughton (“D&M”) in October 2022, the field had an economically recoverable 1P reserve of approximately 280 million barrels.
Thus, the acquisition of the Albacora Leste field from Petrobras by PRIO ensures another asset of extreme relevance in the national scenario.
Oil Workers Called for the Suspension of State Negotiations with PRIO for the Sale of Albacora Leste, but the Acquisition Continued
Although it represented a significant deal for PRIO, the sale of the Albacora Leste field from Petrobras was not well received by all oil workers.
The Unique Federation of Oil Workers (FUP), opposed to Petrobras’s divestment program, requested the ministers of the Civil House, Rui Costa (PT), and Mines and Energy, Alexandre Silveira (PSD), to suspend the ongoing negotiations.
The Union of Oil Workers of Espírito Santo (Sindipetro-ES) reported that workers from P-50 had been ordered to disembark from the asset in the Campos Basin soon.
Furthermore, Sindipetro accuses Petrobras, under the interim command of director João Henrique Rittershaussen, of accelerating the sale process before a new presidency in the company.
“They want to prevent, in case he takes over, that a suspension measure is adopted for the sale which, in our view, was made at prices well below those practiced in the market, according to specialists,” emphasized the coordinator of Sindipetro-ES, Valnísio Hoffmann.
Despite all this movement, Petrobras and PRIO are just waiting for the finalization of the procedures for the sale of the Albacora Leste field in the Campos Basin, still today.
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