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
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria