Cobra IS acquires Brazilian Petrobras asset for $1.1 billion

World Oil Staff December 21, 2022

(WO) — Cobra IS announced the acquisition, by its subsidiary Carmo Energy, of Polo Carmópolis from the Brazilian Petrobras group.

The total amount of the acquisition is $1.1 billion, with $823 million paid in 2022, and the balance of $275 million to be paid to Petrobras within twelve months.

Polo Carmópolis holds interests in eleven onshore oil and natural gas field concessions, as well as related infrastructure – including processing, storage and transport – in the state of Sergipe in Brazil.

Carmo Energy will oversee the maintenance of these facilities and of the work to upgrade them to technical and environmental standards. It will be remunerated through their exploitation. The average daily production of Polo Carmópolis amounted to 4,500 barrels of oil and 22,000 m3 of natural gas in November 2022.

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