Offshore Brazil: Perenco acquires two shallow-water fields, Brava completes Atlanta Phase 1

Perenco Brazil has acquired the formerly producing Cherne and Bagre concessions in the shallow-water Campos Basin offshore Brazil.

Seller and original developer Petrobras has produced oil via two fixed platforms on the fields before mothballing the facilities in March 2020. The PCH-1 and PCH-2 platforms had been facing decommissioning.

Cherne and Bagre are in 108-150 m of water, 73 km offshore Rio de Janeiro State and 27 km from the Perenco-operated Pargo Cluster. The transaction includes compensation adjustments to be paid by Petrobras related to the assets’ integrity,

Petrobras employees that had been involved in the assets will be transferred to work on the company’s operations elsewhere.

Following reactivation, Perenco aims to produce about 15,000 bbl/d from the Cherne and Bagre concessions. This combined output from Pargo, also acquired from Petrobras in 2019, would boost the company’s production in Brazil to 35,000 bbl/d.

Perenco CEO Armel Simondin said the aim was to recover more than 50 MMbbl from Cherne and Bagre.

The Pargo Cluster comprises the Pargo, Carapeba and Vermelho fields featuring eight fixed platforms in up to 100 m water depth. Brazil’s authorities approved Perenco’s development plan in 2021, at the same time extending the concession rights until 2040.

Current production from the Pargo Cluster is about 20,000 bbl/d, compared with 2,800 bbl/d when Perenco Brazil took over operations in October 2019. In December 2023, the newly added FSO PARGO received first oil from the Pargo fields.

Brava reports increase in offshore oil production

In other regional news, Brazilian independent Brava Energia says its average production in July reached 90,900 boe/d, up 6% from the second quarter. The increase was due mainly to the performance of:

• The Papa-Terra Field in the Campos Basin, which delivered its highest production result since August; and
• The Atlanta Field in the Santos Basin where two further wells, 2H and 3H, were completed last month.

The subsequent departure of the pipelay support vessel represented the conclusion of Phase 1 of the Atlanta development. Phase 2 contracting and mobilization is advancing, Brava added, and will include two new wells, with first production anticipated in first-quarter 2027.

The Offshore editorial team is working on its 2nd annual Offshore Brazil Regional Report, scheduled for September publication. If you'd like to discuss editorial opportunities, reach out to Chief Editor Ariana Hurtado at [email protected].