Petro Rio to acquire TotalEnergies’ interest in Itaipu oil field

Brazilian oil company Petro Rio has signed an agreement with TotalEnergies E&P Brasil for the acquisition of a 40% interest in the Itaipu field in the BM-C-32 block in the pre-salt of the Campos basin.

Together with the 60% interest in the oil field Petro Rio acquired from BP in July 2021, this transaction will bring the company’s interest in the asset to 100%.

Petro Rio will pay $75,000 upon closing the acquisition, and another $26.9m after it has decided on the destination of Itaipu.

The block is adjacent to the Parque das Baleias cluster and near the Wahoo Field, in deep waters (1,300m) and 120 km off the Espírito Santo coast. Preliminary studies performed by Petro Rio indicate that the accumulation is potentially shared with the southeastern region of the adjacent cluster.

Kim Biggar

Kim Biggar started writing in the supply chain sector in 2000, when she joined the Canadian Association of Supply Chain & Logistics Management. In 2004/2005, she was project manager for the Government of Canada-funded Canadian Logistics Skills Committee, which led to her 13-year role as communications manager of the Canadian Supply Chain Sector Council. A longtime freelance writer, Kim has contributed to publications including The Forwarder, 3PL Americas, The Shipper Advocate and Supply Chain Canada.
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