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March 23, 2021

Petrobras advances sale of two concessions offshore Brazil

Petróleo Brasileiro (Petrobras) has commenced binding phase for the sale of the Albacora and Albacora Leste concessions located in the Campos Basin offshore Brazil.

By Umesh Ellichipuram

Petróleo Brasileiro (Petrobras) has commenced the binding phase for the sale of the Albacora and Albacora Leste concessions located in the Campos Basin offshore Brazil.

Spread over an area of 455km², the Albacora concession is located in water depths ranging from 100 to 1,050m, and approximately 110km from Cabo de São Tomé, on the northern coast of the state of Rio de Janeiro.

Operated by Petrobras with a 100% stake, the field reported average production of 23,200 barrels of oil per day and 408,500m³/day of gas in 2020.

Covering an area of 511.56km², the Albacora Leste concession is located about 120km from Cabo de São Tomé in water depths ranging from 1,000m to 2,150m.

Petrobras operates the Albacora Leste concession with a 90% stake, while the remaining 10% interest is held by Repsol Sinopec Brasil.

This concession produced an average of 30,900 barrels of oil per day and 598,000m³/day of gas in 2020.

In a press statement, Petrobras said: “This transaction is in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in world-class assets, that is, those that are more resilient in the face of oil price fluctuations, with less risk and greater financial return.”

In the bidding phase, Petrobras will shortlist potential buyers who will be provided with a process letter.

This letter will have details on the divestment process, including guidelines for due diligence and the binding proposals submission.

Recently, Petrobras also started binding phase for the sale of stakes in a set of 28 onshore production field concessions, located in the Recôncavo and Tucano Basins, in the state of Bahia.

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