Perenco has completed the purchase of the Cherne and Bagre concessions in the shallow waters of Brazil’s Campos Basin from Petroleo Brasileiro SA (Petrobras).
The acquisition consists of the Cherne and Bagre fields and two fixed platforms. The fields stopped production March 2020 and their two platforms, PCH-1 and PCH-2, have since been mothballed, according to state-owned Petrobras.
“We will now focus on delivering on our strategy of revitalizing the assets, in order to achieve our production target of 15,000 barrels of oil per day from these new concessions, and unlocking in excess of 50 mmstb of reserves”, Perenco chief executive Armel Simondin said in a statement Tuesday.
Petrobras said separately, “The transfer of these fields to Perenco includes compensation adjustments to be paid by Petrobras related to the asset’s integrity and brings the prospect of resuming production by the new operator, offering an alternative to their decommissioning by Petrobras”.
Petrobras added, “Petrobras’ own employees involved in the operation of these assets will be relocated to other operations within the company”.
Petrobras was to receive $10 million for the divestment, according to its April 2024 announcement of the deal with Perenco.
Anglo-French explorer and producer Perenco already produces in Brazil through the Pargo Cluster, which comprises the Pargo, Carapeba and Vermelho fields in the shallow waters of the Campos Basin. Perenco took over the Pargo assets from Petrobras in 2019. In 2021 the government approved the Pargo area’s development plan and extended the license to 2040.
The Pargo area produces about 20,000 barrels per day (bpd), compared to 2,800 bpd when Perenco took over, according to Perenco. The Pargo area has eight fixed platforms in waters up to 100 meters (328.08 feet) deep, according to Perenco.
Perenco now expects its production in the South American country to grow to 35,000 bpd.
Elsewhere in the Americas, Perenco and Woodside Energy Group Ltd. said last month they had completed a transaction under which Perenco acquired the Australian company’s producing oil and gas assets in Greater Angostura in Trinidad and Tobago for AUD 206 million ($133.78 million).
Perenco’s acquisition included Woodside’s operating stakes in the shallow-water Angostura and Ruby oil and gas fields, which produce about 300 million standard cubic feet a day (MMscfd) of gas or around 12 percent of the Caribbean country’s national gas production, according to Perenco.
Perenco now owns 45 percent of Angostura in Block 2(c) and 68.46 percent in Ruby in Block 3(a). The acquisition also included seven fixed platforms, subsea facilities and an onshore terminal.
“Following this acquisition Perenco’s operations in Trinidad and Tobago will have a gross gas production base of more than 500 mmscfd as well as a gross oil production of more than 10,000 bopd, that can both benefit from significant operational synergies, boost value and enable further investment”, Perenco said in a press release July 11.
Perenco already produces hydrocarbons in Trinidad and Tobago through its operated Teak, Samaa and Poui fields, acquired 2016, and the Cashima, Amherstia, Flamboyant and Immortelle fields, acquired 2024.
“We are confident that our specific skill in mature field assets and marginal resources will secure long-lasting production from the Angostura asset, while prioritizing the safety of our people and environmental sustainability”, Perenco chief executive Armel Simondin said. “We are pleased to welcome our new colleagues to the Perenco family”.
In its announcement of the transaction last March, Woodside said most of its employees based in Trinidad and Tobago would be transferred to Perenco.
To contact the author, email jov.onsat@rigzone.com
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