Connection

Brazil: Cobra IS (Vinci) buys Petrobras’ assets in Polo Carmópolis for $1.1 billion

Cobra IS, announced the $1.1 billion acquisition of Brazilian group Petrobras' assets in Polo Carmópolis.

Partagez:

Vinci subsidiary Cobra IS has announced the $1.1 billion acquisition of Brazilian group Petrobras’ assets in Polo Carmópolis, consisting of interests in 11 oil and gas field concessions, according to a statement.

“Cobra IS announces the acquisition, by its subsidiary Carmo Energy, of Polo Carmópolis from the Brazilian group Petrobras. This is a package of interests in eleven onshore oil and natural gas field concessions and related infrastructure, including processing, storage and transportation, located in the state of Sergipe in Brazil,” it said.

“Carmo Energy will be in charge of the maintenance work and the upgrading to technical and environmental standards of these installations and will be remunerated through their exploitation. The average production per day of Polo Carmópolis amounted to 4,500 barrels of oil and 22,000 m3 of natural gas in November 2022″, the statement continued.

The total acquisition amount is US$1.1 billion, “of which US$823 million will be paid in 2022, with the remaining US$275 million to be paid to Petrobras within 12 months,” Cobra IS says.

The press release specifies that this operation, “signed in 2021, before the acquisition of Cobra IS by Vinci, will be subject to a strategic review in 2023”. Cobras IS was acquired in 2021 from the Spanish group ACS.

  • Populaires ​
Minéraux Stratégiques Abitibi opens talks for biomass project in Amos
US ethane imports to China set to hit record after Trump-Xi call
Mexico targets up to $9bn in private investment for renewable energy
China’s Coal Imports Fall by 18%, Affected by Low Domestic Prices
Brazil activates 27 rare earth projects to secure its supply chain
Cenovus Energy restarts full production at Christina Lake site
Canadian company Cenovus Energy has fully resumed oil sands production at its Christina Lake site following a wildfire-related shutdown in Alberta.
CGC launches Vaca Muerta project and bets on heavy crude
Argentine company Compañía General de Combustibles is starting operations in the Vaca Muerta shale basin while boosting heavy crude production due to strong local demand and rising prices.
Nigeria struggles to secure $5 billion loan from Aramco
Oil-backed financing is weakened by falling crude prices and persistent production constraints in the country.
Italiana Petroli to Decide Buyer by Late June for Estimated €3 Billion Sale
Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.
ExxonMobil tops upstream explorer ranking according to Wood Mackenzie
ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
Petronas cuts 5,000 jobs and exposes contradictions in its African operations
Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.
Kremlin Warns of Global Impact from New Russian Oil Price Cap
The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.
Libya Hits 12-Year Oil Peak Despite Ongoing Political Instability
Libya's oil production reached a twelve-year high of 1.23 million barrels per day, even as persistent political tensions and violent clashes in Tripoli raise concerns about the sector's future stability.
Two powerful financial algorithms now dictate global oil prices
According to a study published by The Oxford Institute for Energy Studies, two competing financial algorithms, Risk-Parity and Crisis Alpha, significantly influence oil markets, weakening the traditional correlation with the sector's physical fundamentals.
DNO raises $400mn in hybrid bonds to refinance Sval Energi’s debt
Norwegian producer DNO ASA completed an oversubscribed $400mn hybrid bond private placement to support the integration of Sval Energi Group AS.
Petrobras enters exclusive talks for nine offshore blocks in Côte d’Ivoire
The Brazilian oil group secured approval from Abidjan to begin negotiations for exploring nine deepwater blocks as part of its business partnerships strategy in Africa.
Shell Shuts Unit After Fire at Its Ethylene Cracker in the U.S.
Shell suspends a unit at its Pennsylvania petrochemical complex following a fire on June 4, with ongoing environmental checks and an internal investigation to determine when the facility can resume operations.
Azerbaijan restarts oil exploration with ExxonMobil, BP and MOL
Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.
Vallourec completes acquisition of Thermotite do Brasil from Mattr
French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.
US crude oil inventories fall by 4.3 million barrels
Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.
TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
SBM Offshore sells its stake in FPSO Aseng to GEPetrol
SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.
Meren Energy seeks partners for offshore blocks in Equatorial Guinea
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.
PTAS Aker Solutions secures two-year offshore maintenance contract in Brunei
The oil services joint venture extends its contract with Brunei Shell Petroleum for maintenance and upgrade operations on offshore installations in the South China Sea.
Renaissance Africa Energy finalises takeover of SPDC’s onshore assets in Nigeria
Renaissance Africa Energy confirmed to the Nigerian government the operational takeover of Shell Petroleum Development Company’s onshore assets, stating it had surpassed the 200,000 barrels per day production mark.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS