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
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026