Petrobras Completes $1.6B Sale Of Albacora Leste Field To Petro Rio

Brazilian state-owned oil and gas giant Petrobras has finalized the sale of its total interest in the Albacora Leste production field, located in the Campos Basin, to Petro Rio.

Petrobras said that the sale to a subsidiary of Petrorio – Petro Rio Jaguar Petróleo – was completed after the fulfillment of all preceding conditions.

The transaction was concluded with the cash payment of $1.635 billion to Petrobras, with the adjustments already provided for in the contract.

The amount received today is in addition to the $292.7 million paid to Petrobras when the sale contract was signed on April 28, 2022. In addition to this amount, Petrobras is expected to receive up to $250 million in contingent payments, depending on future Brent prices.

With the conclusion of the sale, PetroRio becomes the operator of the Albacora Leste field with a 90 percent stake, in partnership with Repsol Sinopec Brasil which holds the remaining 10%.

Petrobras added that this operation was in line with the company's portfolio management strategy and that “the improved allocation of its capital will maximize value and provide a greater return to society.”

The Brazilian giant continues to increasingly concentrate its resources on assets that have shown a great competitive advantage over the years, with lower greenhouse gas emissions.

The Albacora Leste field has an area of 511.56 square kilometers and is located in the northern area of the Campos Basin, in water depths ranging from 1,000 to 2,150 meters at a distance of about 120 kilometers from Cabo de São Tomé.

The field started operations in 2006 and produced an average of 29,000 bbl per day of oil and 591,500 cubic meters per day of gas in the year 2022, through the P-50 FPSO.   

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