(Bloomberg) – Colombian oil producer Ecopetrol SA is pursuing oil and fuel offers in Brazil that might embody a cluster of onshore Petrobras fields within the northeastern state of Bahia.
“We imagine that Brazilian onshore has nice potential, particularly in pure fuel,” Jorge Martínez, the top of Ecopetrol’s operations in Brazil, stated in an interview from the corporate’s workplaces in Rio de Janeiro.
Ecopetrol is seeking to leverage its experience at onshore fields in Colombia to broaden in Brazil, Latin America’s greatest oil producer. Petrobras and different oil majors have targeted on mega fields in deep waters, and there are alternatives to broaden output at onshore areas which were ignored, Martinez stated. He expects pure fuel demand to develop as a supply of electrical energy for tasks together with knowledge facilities.
State-controlled Ecopetrol is keen to tackle exploration danger at oil areas resembling Potiguar and Reconcavo in Brazil’s northeast. Petrobras is contemplating promoting its Polo Bahia Terra cluster of onshore fields, the place working prices are larger than at deep-water fields within the so-called pre-salt area, Chief Govt Officer Magda Chambriard stated earlier this yr.
“If Petrobras decides to promote its belongings within the Bahia Terra Complicated, or search a companion, we wish to take part in that course of,” stated Martínez.
The 2 corporations are already working collectively at Colombia’s greatest offshore pure fuel discovery. The Sirius undertaking may triple the nation’s reserves if the deposit is commercially viable, probably easing the nation’s shortfall. Petroleo Brasileiro SA, as Brazil’s nationwide oil firm is formally identified, is the operator.
A divestment program below Petrobras’s earlier administration gave Brazilian and international drillers a possibility to purchase onshore fields that the state-controlled firm thought-about low precedence. Ecopetrol is searching for mergers and acquisitions with these corporations to broaden its reserves and manufacturing. It additionally plans to take part in future onshore licensing rounds.
“Good offers at all times discover cash,” stated Martínez.
Oil and pure fuel manufacturing in Brazil’s onshore sector started to say no within the early 2000s, and fell to a low of 206,792 barrels of oil equal per day in 2022, based on regulator ANP. The company expects manufacturing to develop following the acquisition of Petrobras belongings by new operators.
