Petrobras' divestment programme has proved an abundant source of assets for many independent E&Ps
Brazilian M&A activity heats up
As Petrobras starts to wind down its portfolio divestment, Brazil is entering a new era of upstream consolidation
The race to capture upstream Brazilian assets has been frantic over the past five months, with several independent portfolios transformed by M&A acquisitions. One of the main beneficiaries, Rio de Janeiro-based operator 3R Petroleum, has already almost doubled its reserves in 2022 with the acquisitions of the Potiguar and Reconcavo onshore clusters from Brazilian state-controlled oil and gas firm Petrobras. The NOC’s divestment programme has proved an abundant source of assets for many independent E&Ps. And activity has not been restricted to just small maturing fields. In late April, a subsidiary of Brazilian operator Petrorio agreed to pay $2bn for a 90pc interest in the Albacora L
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
