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The upstream competitive landscape in Brazil has significantly
shifted where the regionally focused independents and private
equity-backed E&P players have actively been acquiring assets,
primarily onshore and shallow water, from National Oil Company
(NOC) Petrobras's divestment program. With the US$15-25 billion
divestment program between 2022 and 2026, Petrobras is focusing on
naturally owned deepwater and ultra-deepwater opportunities with
higher returns, mainly in the pre-salt area. The divestment program
includes its upstream, midstream and downstream assets in Brazil,
Colombia, Argentina, Bolivia, and the US Gulf of Mexico.
Petrobras along with international oil companies (IOCs) and
national oil companies (NOCs) have overwhelmingly participated in
various bid rounds in Brazil. These bid rounds have generated over
US$30 billion of signature bonuses between 2017 to 2022 till date.
The willingness to pay hefty signature bonuses and investment
commitments highlights the prospectivity and attractiveness of
Brazil.
Following the announcement of the Albacora Leste field sale to
PetroRio S.A. for about US$2 billion in May 2022, the total
divestment for Petrobras under the current program has reached
about US$6 billion till date.
Other key divestitures in 2022 include,
Additional 5% stake to Chinese NOC CNOOC in the Transfer of
Rights Surplus PSC Buzios field in pre-salt Santos basin for US$2.1
billion.
100% interest in the Potiguar Cluster to 3R Petroleum for
US$1.4 billion.
100% interest in onshore Brazil Polo Norte Capixaba Cluster to
Seacrest Exploração e Produção de Petróleo for US$478 million.
Petrobras has a capital budget of $68 billion between 2022 and
2026, with 84% for the E&P segment, primarily in pre-salt areas
including Buzios, Tupi, Sepia, Atapu, Itapu, and Sururu etc. CAPEX
is focused on exploration, increasing production capacity,
development and implementation of new production projects, and low
carbon investments.
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