PetroRio announced on April 28 that it has signed an agreement with Petróleo Brasileiro S.A. (Petrobras) for the acquisition of a 90% share and operation of the Albacora Leste (East Albacora) field offshore Brazil at the north end of the Campos Basin. Repsol Sinopec Brasil (RSB) will maintain its 10% stake in the field.
The Albacora Leste field currently produces approximately 30,000 barrels per day in 17 producing wells and 15 injector wells, and has an estimated economically recoverable reserve of close to 280m barrels. The field is expected to be abandoned after 2050.
PetroRio will pay $1.95bn for its stake, $293m upon signing the contract and $1.66bn upon closing the sale. The company may owe up to another $250m, depending on the average annual price of a barrel of Brent-crude oil in 2023 and 2024.
The sale is subject to approval from both Brazil’s Administrative Council for Economic Defense and National Agency of Petroleum, Natural Gas and Biofuels.