Petrobras To Earn Over $4B For Brazilian Offshore Field Duo

Brazilian oil and gas company Petrobras has received bids for its Albacora and Albacora Leste offshore fields which could exceed $4 billion for both fields.

Petrobras said that the binding offers were submitted by the consortia PetroRio/Cobra and EIG Global Energies Partners/Enauta/3R Petroleum for the acquisition of the fields.

The company added that such offers could exceed $4 billion for both fields. The company is analyzing them according to the evaluation criteria of this project, considering all value components and other conditions reflected in the offers, including firm and contingent payments and other relevant contractual conditions.

The start of the negotiation phase will be submitted for deliberation by the company's Executive Board, after the conclusion of the analysis of the offers. The company clarifies that the signing of the transaction will depend on the outcome of the negotiations, as well as the necessary corporate approvals.

It is worth noting that Talos Energy withdrew from the EIG Global Energies Partners/Enauta/3R consortium in August this year.

To remind, Petrobras launched a teaser for the potential sale of its interests in Albacora and Albacora Leste deepwater offshore blocks, both located in the Campos Basin, back in September 2020.

Petrobras is selling a 100 percent operated working interest in the Albacora offshore deepwater license and a 90 percent operated working interest in the Albacora Leste. The fields have combined oil in place and production of 8.2 Bboe and 77 Mboe/d.

First production from Albacora started production in 1987. The current production at the field is around 43 Mboe/d. Field infrastructure includes two producing and processing platforms, the P-25 semi-submersible and P-31 FPSO.

In the teaser, Petrobras said there was a planned field revitalization project which holds the potential to more than triple production from current levels.

As for Albacora Leste was discovered by Petrobras in 1988. Production started flowing in 2006 and the current production of 34 Mboe/d. The company had drilling and work-over activities planned to increase near-term production and sustain an extended production plateau. Active field infrastructure includes the P-50 FPSO. Oil is offloaded through shuttle tankers and gas is exported through the neighboring PNA-1 platform.

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