Petrobras Eyes Sale of Albacora Offshore Fields


Brazilian national oil company Petrobras has launched a teaser for the potential sale of its interests in Albacora and Albacora Leste deepwater offshore blocks in Brazil.

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 that with combined OOIP 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 was discovered by Petrobras in 1984, developed with horizontal and high angle wells, with the first production in 1987 and the current production of 43 Mboe/d.

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

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

Albacora Fields Map - Credit: Petrobras

Albacora Leste was discovered by Petrobras in 1988, with the first production in 2006 and the current production of 34 Mboe/d.

Petrobras has also said that upcoming drilling and work-over activities at the Albacora Leste are projected to increase near-term production and sustain 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 for the potentially interested oil companies, to be able to take part, they need to have an equity market capitalization or net worth of at least US$500 million. Any interested financial institutions need to manage funds valued at least $2.5 billion. 

Petrobras said that interested parties need to formally notify Scotiabank of its interest by October 16, 2020.

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