The Albacora and Albacora Leste Bid

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News broke out this week that a consortium involving Talos Energy, EIG Global Energy Partners, Enauta, and 3R Petroleum apparently presented an offer for the Albacora and Albacora Leste fields. Values are not yet known, but people expect it to be in the order of billions of dollars.

The first teaser for the assets was released in September 2020 and, judging by OOIP reserves, upside potential and pre-salt plays, will be one of the most disputed bids surrounding Petrobras divestments.

Revitalization and subsequent production increment should require a substantial amount of investment. However, the payback is also very promising: 8.2 Bbbl of OOIP, current daily production of around 60,000 – 70,000 bbl of oil, extensive subsurface coverage with recent 3D and 4D surveys, and pre-salt discoveries on both fields (Forno on Albacora and Arapuçá on Albacora Leste).

The next phase – binding offers – should happen in a couple of weeks and more consortiums are expected to jump into this opportunity to acquire these fields with a lot of history.

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