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.

Share:

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 ​
TotalEnergies sells 50% of its renewable assets in Portugal for €178.5mn
Envision inaugurates the world’s largest green ammonia plant in China
EDF postpones restart of Flamanville EPR to August 13
Ardian completes Akuo takeover and installs Bruno Bensasson at the helm
Strong Rise in Solar Power Reduces Summer Demand for Natural Gas
Petro-Victory Energy successfully completes drilling of AND-5 well in the Andorinha field, Brazil
Petro-Victory Energy announces the completion of drilling operations for the AND-5 well in the Andorinha field, Brazil, with positive reservoir results and next steps for production.
Colombia: Perenco accused of funding a paramilitary group between 1997 and 2005
The Colombian prosecutor’s office has seized two offices belonging to the oil company Perenco in Bogotá. The company is accused of financing the United Self-Defense Forces of Colombia (AUC) in exchange for security services between 1997 and 2005.
Indonesia Increases Its Energy Purchases from the United States: A Major Deal with Pertamina
Indonesia has signed a memorandum of understanding with the United States to increase its energy imports. This deal, involving Pertamina, aims to diversify the country's energy supply sources.
VAALCO focuses on Baobab field in Ivory Coast, despite limited production
VAALCO Energy continues to operate the Baobab field by renovating its floating platform, despite modest production. This strategy aims to maintain stable profitability at low cost.
Empty reservoir explodes at Lukoil-Perm facility: no casualties reported
An empty reservoir exploded at a Lukoil-Perm oil facility in Russia, causing no injuries according to initial assessments pointing to a chemical reaction with oxygen as the cause of the accident.
British Lindsey refinery resumes deliveries after rescue deal
The British Lindsey refinery has resumed fuel deliveries after reaching a temporary agreement to continue operations, while the future of this strategic site remains under insolvency proceedings.
BP and Shell sign strategic agreements to revive Libya’s oil industry
BP and Shell intensify their commitments in Libya with new agreements aimed at revitalizing major oil field production, amid persistent instability but rising output in recent months.
Ecuador: Partial Resumption of Oil Transport After Major Climatic Disruptions
The private OCP pipeline has resumed operations in Ecuador following an interruption caused by heavy rains, while the main SOTE pipeline remains shut down, continuing to impact oil exports from the South American country.
McDermott awarded major offshore contract by BRAVA Energia in Brazil
McDermott secures contract worth up to $50 million with BRAVA Energia to install subsea equipment on the Papa-Terra and Atlanta oil fields off the Brazilian coast.
Saudi Aramco Sharply Raises Crude Prices for Asia in August
Saudi Aramco increases its oil prices for Asia beyond initial expectations, reflecting strategic adjustments related to OPEC+ production and regional geopolitical uncertainties, with potential implications for Asian markets.
Liberian-Flagged Bulk Carrier Attacked in Red Sea, Israel Strikes Back in Yemen
A bulk carrier operated by a Greek company sailing under a Liberian flag suffered a coordinated attack involving small arms and explosive drones, prompting an Israeli military response against Yemen's Houthis.
Canada Awaits Private Sector Decision on Alberta-Pacific Pipeline
The Canadian government is now awaiting a concrete private-sector proposal to develop a new oil pipeline connecting Alberta to the Pacific coast, following recent legislation intended to expedite energy projects.
Petrobras Considers Strategic Sale of Polo Bahia Oil Hub
Petrobras is exploring various strategies for its Polo Bahia oil hub, including potentially selling it, as current profitability is challenged by oil prices around $65 per barrel.
Azevedo & Travassos acquires Petro-Victory to strengthen its Brazilian onshore portfolio
Brazilian producer Azevedo & Travassos will issue new shares to buy Petro-Victory and its forty-nine concessions, consolidating its onshore presence while taking on net debt of about USD39.5mn.
OPEC+ Significantly Raises Oil Quotas with Additional 548,000 Barrels
Major oil producers accelerate their return to the market, raising their August quotas more sharply than initially expected, prompting questions about future market balances.
UK’s Lindsey refinery faces shutdown within three weeks, according to Wood Mackenzie
Lindsey refinery could halt operations within three weeks due to limited crude oil reserves, according to a recent analysis by energy consultancy Wood Mackenzie, highlighting an immediate slowdown in production.
Libya reopens the Hamada-Zawiya pipeline after six-week shutdown
The flow of crude between the Hamada field and the Zawiya refinery has resumed after emergency repairs, illustrating the mounting pressure on Libya’s ageing pipeline network that threatens the stability of domestic supply.
Gabon reactivates deep offshore blocks to stem oil decline
Libreville is intensifying the promotion of deep-water blocks, still seventy-two % unexplored, to offset the two hundred thousand barrels-per-day production drop recorded last year, according to GlobalData.
Afreximbank raises to $375 mn the reserve-based credit for Oando
The African Export-Import Bank extends the Nigerian oil company’s facility, providing room to accelerate drilling and modernisation by 2029 as international lenders scale back hydrocarbon exposure.
Petronas Launches Strategic Drilling Campaign Offshore Suriname
Petronas begins a three-well exploratory drilling campaign offshore Suriname, deploying a Noble rig after securing an environmental permit and closely collaborating with state-owned company Staatsolie.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING