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Petrobras to Sell Its Stake in 2 Deepwater Campos Basin Fields
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Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) announced plans to sell its entire stake in the Albacora and Albacora Leste concessions, located in the deep waters in the northern region of the Campos Basin. Per management, the plan is in sync with the company’s strategy to cut costs and improve its capital allocation.
The 455-square kilometer Albacora field is located at a water depth of 100-1,050 meters and approximately 110 kilometers far from Cabo de São Tomé. The state-run energy giant is the sole owner and operator of this stake.
The 511.56-square kilometer Albacora Leste field is located at a water depth ranging from 1,000 to 2,150 meters and approximately 120 kilometers from Cabo de São Tomé. Petrobras is the chief operator of the block with 90% interest while Repsol Sinopec Brasil holds the remaining10% stake.
Petrobras has a target set to sell assets worth $20-$30 billion over the next five years under its 2020-2024 investment plan. In early 2020, the company put the Papa-terra deep-water oilfield along with the Golfinho and Camarupim fields up for sale. Asset sales are part of its portfolio-optimization strategy and accordingly, it had put more than 100 mature onshore and shallow-water offshore fields up for auction in the past.
Earlier this month, Petrobras announced the commencement of the sale process of its fertilizer firm Araucária Nitrogenados S.A., located in the state of Parana. Petrobras is the sole owner of this stake and plans to sell off its full ownership of the project. Per management, the divestment is in line with the company’s strategy to minimize expenses and enhance its capital deployment, thereby boosting its shareholder value.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The operations also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons apart from other energy-related operations.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Petrobras to Sell Its Stake in 2 Deepwater Campos Basin Fields
Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) announced plans to sell its entire stake in the Albacora and Albacora Leste concessions, located in the deep waters in the northern region of the Campos Basin. Per management, the plan is in sync with the company’s strategy to cut costs and improve its capital allocation.
The 455-square kilometer Albacora field is located at a water depth of 100-1,050 meters and approximately 110 kilometers far from Cabo de São Tomé. The state-run energy giant is the sole owner and operator of this stake.
The 511.56-square kilometer Albacora Leste field is located at a water depth ranging from 1,000 to 2,150 meters and approximately 120 kilometers from Cabo de São Tomé. Petrobras is the chief operator of the block with 90% interest while Repsol Sinopec Brasil holds the remaining10% stake.
Petrobras has a target set to sell assets worth $20-$30 billion over the next five years under its 2020-2024 investment plan. In early 2020, the company put the Papa-terra deep-water oilfield along with the Golfinho and Camarupim fields up for sale. Asset sales are part of its portfolio-optimization strategy and accordingly, it had put more than 100 mature onshore and shallow-water offshore fields up for auction in the past.
Earlier this month, Petrobras announced the commencement of the sale process of its fertilizer firm Araucária Nitrogenados S.A., located in the state of Parana. Petrobras is the sole owner of this stake and plans to sell off its full ownership of the project. Per management, the divestment is in line with the company’s strategy to minimize expenses and enhance its capital deployment, thereby boosting its shareholder value.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. The operations also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons apart from other energy-related operations.
Zacks Rank & Key Picks
Petrobras currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Murphy USA Inc. (MUSA - Free Report) , Laredo Petroleum, Inc. and SilverBow Resources Inc. (SBOW - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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