Petrobras on Albacora field

Source Press Release
Company Petrobras (IFRS US$ Current)PetroRio S.A. 
Tags Asset Deals, Deals, Upstream Activities
Date September 08, 2022

Petrobras, following up on the release disclosed on11/05/2021, informs that its Executive Board approved today the end of the competitive process for the sale of the Albacora concession, which will be maintained in its entirety in Petrobras'' portfolio.

The company was negotiating with PetroRio S.A. for the sale of the field. However, despite the efforts of both parties, it was not possible to converge on conditions that would reflect the valuation of the asset for Petrobras. Thus, the company will continue with the Albacora revitalization project, located in deep waters of the Campos Basin, which includes the development of production from the Forno reservoir, located in the Albacora pre-salt.   

The project foresees the contracting of a new FPSO-type platform (a floating system that produces, stores, and transfers oil) for the field to replace the two production units that currently operate in the asset (P-25 and P-31).

The company remains fully committed to its active portfolio management program and reinforces its commitment to broad transparency of the divestment processes. In this sense, it is important to emphasize that Petrobras continues to periodically reassess its portfolio of assets, continuously identifying which ones should be divested and which ones should be the focus of its investments.

The decision to end the Albacora sale process does not affect the ongoing divestment of the Albacora East field, whose sale contract was signed with PetroRio S.A. on 04/28/2022. Petrobras remains committed to closing this transaction.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd