Petrobras concludes sale of Albacora Leste Field

Jan. 27, 2023

Petrobras has completed the sale of its interest in the producing Albacora Leste Field in the Campos Basin offshore Brazil to PetroRio subsidiary PetroRio Jaguar Petróleo.

Unrelated oil rig off the coast of Rio de Janeiro, Brazil

Offshore staff

The Campos Basin is the main sedimentary area already explored off the Brazilian coast.

RIO DE JANEIRO, Brazil—Petrobras has completed the sale of its interest in the producing Albacora Leste Field in the Campos Basin offshore Brazil to PetroRio (PRIO) subsidiary PetroRio Jaguar Petróleo.

The transaction concluded with a cash payment of $1.635 billion, on top of the $292.7 million that Petrobras received when signing the agreement last August. The company expects further payments in the future, contingent on Brent prices.

PetroRio now operates Albacora Leste with a 90% stake, in partnership with Repsol Sinopec Brasil (10%).

The field spans more than 511 sq km in the northern part of the basin, in water depths ranging from 1,000 m to 2,150 m, and 120 km from Cabo de São Tomé. Operations started in 2006, with production last year averaging 29,000 bbl/d of oil and 591,500 cu. m/d of gas through the FPSO P-50.

Petrobras also revealed that it added 2 Bboe to its reserves last year, mainly due to progress in the development of the Búzios Field in the presalt Santos Basin, and new projects to increase oil recovery in this and the Campos basins.

01.27.2023