Brazil's Perenco Acquires Petrobras' Stakes in Two Offshore Fields

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Brazilian energy company Petrobras (NYSE:PBR) (Rio de Janeiro) said it is transferring its shares in the Cherne and Bagre oil fields in the shallow waters of the Campos Basin, offshore Rio de Janeiro, to Perenco (London, England). Petrobras will receive US$10 million for the transaction, with US$1 million already received with the signing of the agreement.

The transfer of the oil fields and the final financial transaction is expected by 2025.

The agreement includes the oil fields and two fixed platforms located about 30 kilometers from the Pargo Cluster, which is owned by Perenco. Petrobras deactivated the two platforms in March 2020 and then scheduled their decommissioning.

Perenco aims to revitalize the dormant assets and restart production. The company has set a crude oil output target of 10,000-15,000 barrels per day (BBL/d). Perenco also plans to construct an export pipeline from the Cherne and Bagre oil fields to the Pargo Cluster, leveraging the new floating, storage and offloading (FSO) vessel Pargo, which came online in December last year.

Perenco holds a 100% stake in the Pargo Cluster, which encompasses the Pargo, Carapeba, and Vermelho fields in the shallow waters of the Campos Basin. This cluster includes eight fixed platforms. Perenco took over the cluster in October 2019 with a concession that runs until 2040.

Perenco Chief Executive Officer Armel Simondin said: "This acquisition is a new milestone for the Perenco Group in Brazil. Since (the) takeover of the Pargo assets in 2019 at a rate of 2,800 BBL/d, we have increased production to over 20,000 BBL/d and successfully installed our own FSO. Perenco is proud to deploy its know-how to extend the life of these mature fields and grow our footprint in Brazil."

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