Petrobras' divestment programme has proved an abundant source of assets for many independent E&Ps
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
5 May 2025
The country is seeing a notable increase in petroleum product retail outlets, with private operators gaining market share
2 May 2025
Fast-tracking US project approvals and increased trade pressures have already changed the LNG landscape since Trump came to office, with further transformation ahead
2 May 2025
Peru’s state-owned hydrocarbons agency has launched the search for new investors for Offshore Block Z-69, a high-potential asset in the prolific Talara Basin.
2 May 2025
The scars of the Russia crisis have accelerated Europe’s push to wean itself off gas dependence as the growing globalisation of LNG becomes a double-edged sword
