PRIO pays Petrobras for offshore oil field

PRIO pays Petrobras for offshore oil field

Corporate & Sovereign Strategy Equity M&A Brazil Capital Markets Oil Gas

Brazilian oil company PRIO made a cash payment for $1.64 billion on Thursday to buy the Albacora Leste offshore oil field concession from state-run oil producer Petrobras, according to a press release. PRIO made an upfront payment of $293 million when the deal was announced in April 2022 and it could make an additional payment of $250 million, depending on future Brent crude prices, Petrobras said in the press release. According to Pedro Galdi, investment analyst at Mirae Asset Management, PRIO

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