Petro Rio Buys Petrobras' Albacora Leste Offshore Oil Field for $2.2 Billion

Reuters
Thursday, April 28, 2022

Brazil's state-run oil company Petrobras said on Wednesday its board has approved the sale of its stake in the Albacora Leste oilfield to Petro Rio SA for $2.2 billion.

The oil giant, formally known as Petroleo Brasileiro SA, said the sale was made to Petro Rio's subsidiary Petro Rio Jaguar Petroleo Ltda.

Petrobras is the operator of the field, located in Campos Basin, with a 90% stake. The remaining 10% belongs to Repsol Sinopec Brasil.

Of the total sale figure, $293 million would be paid on the contract execution date and $1.66 billion at the closing of the deal, with up to $250 million in contingent payments, Petrobras said.

The purchase was previously reported by financial blog Brazil Journal, citing sources familiar with the matter.

In November, Petrobras picked a consortium of Petro Rio and Cobra, a subsidiary of France's Vinci, to start talks on developing the Albacora offshore oilfield.

(Reuters - Reporting by Carolina Pulice and Peter Frontini, editing by Richard Pullin)


Credit: Petrobras

Categories: Energy Industry News Activity Production South America Floating Production

Related Stories

Oil and Gas Redevelopment Project off Norway Gets $1.8B Approval

ABS Approves MISC and China Offshore’s Ammonia FPSO Design

Petrobras Auctions Two Offshore Platforms for Recycling

Current News

Shell Greenlights Waterflood Project to Bolster Production in Gulf of America

ESVAGT Acquires Two SOVs from Edda Wind

Dräger to Supply Gas Detection, Monitoring Tech to North Sea Operator

NKT Expands Swedish Cable Accessories Plant Amid Rising Demand

Subscribe for OE Digital E‑News