Deal Insight
Petrobras sells Albacora Leste to PetroRio for up to US$2.2 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Petrobras has signed the sale of 90% stake in the Albacora Leste concession to PetroRio. The total agreed consideration is US$2.2 billion, including a US$250 million payment contingent on future Brent prices. Located in the Campos Basin, Albacora Leste comprises an area of 512km² and it includes the pre-salt discovery Arapuçá and other untested post-salt prospects. The transaction is aligned to the NOC's plan to deleverage and focus on its pre-salt prospects. Total Petrobras divestments in 2022 have now surpassed the US$4 billion mark. For PetroRio, the transaction was well-timed given the acquisition will nearly double the company's total production in a high oil price scenario.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
-
Strategic rationale
- Petrobras
- PetroRio
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Petrobras: lifting costs evolution including leases
- PetroRio: net debt evolution
What's included
This report contains:
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