Petrobras to keep Albacora, plans new FPSO

Brazil’s state-run oil company Petrobras has said it’s ending a process to sell its Albacora concession, located in deep waters of the Campos Basin.

Petrobras had been negotiating with PetroRio over the sale of the field. However, it says “despite the efforts of both parties, it was not possible to converge on conditions that would reflect the valuation of the asset for Petrobras”. 

Petrobras said it would continue with the Albacora revitalization project, which includes the development of production from the Forno reservoir, located in the Albacora pre-salt.

The project foresees the contracting of a new FPSO-type platform for the field to replace the two production units that currently operate in the asset (P-25 and P-31).

Petrobras said the decision to end the Albacora sale process does not affect the ongoing divestment of the Albacora East field, whose sale contract was signed with PetroRio in April. 

That sale was made to Petro Rio’s subsidiary Petro Rio Jaguar Petroleo Ltda. Petrobras is the operator of the field, located in Campos Basin, with a 90% stake. The remaining 10% belongs to Repsol Sinopec Brasil.

Separately, Petrobras announced extension of the deadlines for the expression of interest in participating in the opportunity to sell 40% of its interest in the BM-POT-17 exploratory concessions, where the Discovery Assessment Plan for the Pitu well is being developed (POT-M-853 and POT-M-855 blocks), and the POT-M-762_R15 concession (POT-M-762 block), located in deep waters in the Potiguar Basin – Equatorial Margin – off the coast of Rio Grande do Norte.

Potential buyers interested may express their interest until September 14.