Petróleo Brasileiro SA (Petrobras) has ended the process to divest the Albacora concession offshore Brazil and will keep it as part of its portfolio, the company said in a release Sept. 8.
The company had been in negotiations with PetroRio SA for sale of the field, however, an agreement on valuation could not be reached.
The 455-sq km Albacora field lies in the northern area of the Campos basin, in water depths of 100-1,050 m, about 110 km from Cabo de São Tomé, on the northern coast of Rio de Janeiro. In 2020, Albacora produced an average 23,200 b/d of oil and 408,500 cu m/day of gas. Petrobras is operator of the field with 100% interest.
Petrobras will continue with the Albacora revitalization project, which includes development of production from the Forno reservoir in the Albacora pre salt.
For the project, Petrobras expects to contract a new FPSO-type platform to replace the two production units currently operating on the asset (P-25 and P-31).
The decision to end the Albacora sale process does not affect the ongoing divestment of Albacora East field, whose sale contract was signed with PetroRio SA on in April 2022, Petrobras said (OGJ Online, Apr. 28, 2022). Closing of the deal is pending.
