Petrobras starts process to sell Albacora, Albacora Leste assets

Sept. 25, 2020
Petróleo Brasileiro (Petrobras) has started the opportunity disclosure stage (teaser) for sale of its entire stake in the Albacora and Albacora Leste concessions in the northern part of the Campos basin, offshore Brazil.

Petróleo Brasileiro (Petrobras) has started the opportunity disclosure stage (teaser) for sale of its entire stake in the Albacora and Albacora Leste concessions in the northern part of the Campos basin, offshore Brazil.

The fields have established oil production from high-quality Cretaceous and Tertiary (Eocene, Oligocene, and Miocene) reservoirs.

The 455-sq km Albacora field, in water depths of 100-1,050 m, lies about 110 km from Cabo de São Tomé on the northern coast of Rio de Janeiro. In August, it produced 38,700 b/d of oil and 716,000 cu m/d of gas. Petrobras is operator with 100%. Its main producing reservoirs comprise high-quality, stacked, turbiditic sandstones of the Carapebus formation. Robust field reservoir characterization is underpinned by recent 4D and 3D seismic surveys and seismic attribute analysis. A number of horizontal and deviated well penetrations exist across the block. An extended well test is under way at the Forno discovery with results expected this year’s fourth quarter.

The 511.56-sq km Albacora Leste field lies in water depths of 1,000-2,150 m about 120 km from Cabo de São Tomé. In August, Albacora Leste produced 33,300 b/d of oil and 707,000 cu m/d of gas. The field comprises high quality turbiditic sandstone reservoirs with primary stratigraphic traps and secondary structural components. Upcoming drilling and workover activities are projected to increase near-term production and sustain extended production plateau. Presalt development is focused on the Arapuçá discovery (well tie-back planned for 2023). Petrobras is operator with a 90%. Repsol Sinopec Brasil holds the remaining 10%.

As part of the sale process, prospective buyers will be able to submit an offer on Albacora or Albacora Leste, or both. The assets represent a material, operated production hub with substantial postsalt revitalization and presalt development projects, Petrobras said.

This sale is in line with company’s plan to improve the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters.