Petrobras is closing the competitive process for the sale of the Albacora concession after it and PetroRio were unable to agree to terms.
Brazil’s state-owned Petrobras now plans to invest in a revitalisation project in the Albacora field, located in the deep waters of the Campos Basin. It intends to develop production from the Forno reservoir, located in the pre-salt layer of Albacora.
The company will also contract a new FPSO-type platform to replace the two production units currently in use.
The decision to close the Albacora sale process does not affect Petrobras’ ongoing divestment of the Albacora Leste field. In April, PetroRio signed an agreement with Petrobras for the acquisition of a 90% share and operation of the Albacora Leste field. Petrobras remains committed to closing that transaction.
