Petrobras Board Approves $2.2B Albacora Leste Sale

Petrobras Board Approves $2.2B Albacora Leste Sale
Brazilian state-run major Petrobras has approved the $2.2 billion sale of its Albacora Leste interest to Petro Rio.

Petrobas’ board of directors has approved the $2.2 billion sale of interest in the Albacora Leste concession to Petro Rio Jaguar Petróleo, a subsidiary of Petro Rio S.A.

Albacora Leste concession is located predominantly in deep waters in the Campos Basin. Petrobras informed of the signing of the purchase and sale agreement earlier this week while the subsequent steps will be disclosed to the market in due course.

Of the $2.2 billion, $292.7 million will be paid on the contract execution date, $1.66 billion at the closing of the transaction, and up to $250 million in contingent payments, depending on future Brent quotations.

The amounts do not consider adjustments due until the closing of the transaction, which is subject to compliance with certain precedent conditions, such as the non-exercise of the right of first refusal by the current consortium member Repsol Sinopec Brasil, the approval by the Administrative Council for Economic Defense (CADE), and by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

Petrobras kicked off negotiations regarding the divestment of the Albacora and Albacora Leste fields with the consortia led by PetroRio in November last year.

The Albacora Leste field has an area of 19.5 square miles and is located in the northern area of the Campos Basin, in water depths ranging from 3,280 feet to 7,050 feet, at a distance of about 74.5 miles from Cabo de São Tomé.

The average daily production of Albacora Leste from January to March 2022 was 25.4 thousand barrels of oil per day and 615.3 thousand cubic meters of gas per day. Petrobras is the field operator with a 90 percent stake and the remaining 10 percent belongs to Repsol Sinopec Brasil.

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