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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.

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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.

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