Petro Rio Jaguar Petróleo LTDA (PetroRio), a subsidiary of Petro Rio SA, agreed to acquire all Petróleo Brasileiro SA’s (Petrobras) interest in the Albacora Leste concession in the northern area of the Campos basin offshore Brazil for up to $2.20 billion.
The 511.45-sq km Albacora Leste field lies in water depths of 1,000-2,150 m about 120 km from Cabo de São Tomé. Average daily production from January to March 2022 was 25,400 b/d of oil and 615,300 cu m/d of gas.
Petrobras is operator of the field with 90% interest. The remaining 10% belongs to Repsol Sinopec Brasil.
PetroRio paid $292.7 million Apr. 28. Another $1.66 billion is to be paid at closing, and up to $250 million in contingent payments will be made depending on future Brent prices.
The deal is subject to conditions, including the non-exercise of the right of first refusal by Repsol Sinopec Brasil, approval by the Administrative Council for Economic Defense (CADE), and by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
