Petrobras Confirms Bids for Albacora Fields. Could Snap Up More Than $4B


Brazilian oil and gas company Petrobras has confirmed it has received bids for its Albacora and Albacora Leste offshore fields which could "exceed US$4 billion for both fields."

Petrobras said that binding offers were submitted by the consortia PetroRio/Cobra and EIG Global Energies Partners/Enauta/3R Petroleum for the acquisition of the fields.

"Such offers could exceed US$4 billion for both fields. The company is analyzing them according to the evaluation criteria of this project, considering all value components and other conditions reflected in the offers, including firm and contingent payments and other relevant contractual conditions," Petrobras said.

"The start of the negotiation phase will be submitted for deliberation by the company's Executive Board, after the conclusion of the analysis of the offers. The company clarifies that the signing of the transaction will depend on the outcome of the negotiations, as well as the necessary corporate approvals," Petrobras said.


In September 2020, Petrobras launched a teaser for the potential sale of its interests in Albacora and Albacora Leste deepwater offshore blocks, both located in the Campos Basin.

Petrobras is selling a 100% operated working interest in the Albacora offshore deepwater license and a 90% operated working interest in the Albacora Leste. Both assets are located in the Campos Basin, offshore Brazil.

Petrobras said at the time that with combined oil in place and production of 8.2 Bboe and 77 Mboe/d, the assets represent "a material, operated production hub with substantial post-salt revitalization and pre-salt development projects."

Albacora, in water depths ranging from 100 to 1,050 meters, was discovered by Petrobras in 1984. First production started production in 1987. The current production at the field is around 43 Mboe/d.

Field infrastructure includes two producing and processing platforms, the P-25 semi-submersible and P-31 FPSO.

For Albacora, Petrobras said there was a planned field revitalization project which holds the potential to more than triple production from current levels.

Albacora Leste, located in the northern area of the Campos Basin, in water depth ranging from 1,000 to 2,150 m, was discovered by Petrobras in 1988. First oil started flowing in 2006 and the current production of 34 Mboe/d.

Petrobras said last year that upcoming drilling and work-over activities at the Albacora Leste were projected to increase near-term production and sustain an extended production plateau.

Active field infrastructure includes the P-50 FPSO with an oil processing capacity of 180,000 bbl/d and 6 MMm³/d of gas. Oil is offloaded through shuttle tankers and gas is exported through the neighboring PNA-1 platform.

As with most of its recent divestments, Petrobras said that the potential Albacora assets sale - dubbed last year by Welligence  "one of the world's most attractive acquisition packages on the market," -  was in line with the portfolio optimization strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, "where Petrobras has demonstrated great competitive edge over the years."