Independent Oil Company Aguila energy Closing of the acquisition of four onshore oil fields located in… Bahia. Its affiliated regions Brazil refining It will be added to the company’s fifth field, in Potiguar Basin, Rio Grande do NorteWith high potential for natural gas production.
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The value of the deal was not disclosed due to the confidentiality of the contract. The oil company is also negotiating the purchase of four other onshore fields, and is considering participating next year in a permanent concession bid, a simpler block auction model.
The Araçás Leste, Fazenda Sori, Pojuca Norte and Jacumirim fields are located in Reconcavo Basin And belongs to Petrobras. Brasil Refino, is a private company based in Bahia with its partners brazil intermodal cranes, Petrobras purchased the fields from the state-owned company in 2019, as part of a fuel refining project in the Arato Area (BA), and as part of a Petrobras asset sale package.
The business model provided for taking into account verticality, through the extraction of oil and the production of its derivatives by the company Brasil Refino. However, Brasil Refino chose to maintain its focus on derivatives production and decided to sell the onshore fields to Águila Energia, the infrastructure and energy business arm of Águila Capital, a company created in 2020. Brasil Refino will be the buyer of oil from the fields, he said. Blenner Mayhew, founder and president of Aguila. The report was unable to contact representatives of Brasil Refino.
According to the executive authority, the fields are not mature and are in a decline stage. These are assets that have been explored, have known potential, but have not yet been developed. Part of the resources allocated to develop the fields in Bahia will come from contributions from Aguila investors and part from private capital. “And I am raising a catalytic investment fund in infrastructure to accelerate acquisitions,” he said.
There are also conversations with Banco do Nordeste do Brasil (BNB) To finance the development of wilderness areas Capoclinho Branco, in Rio Grande do Norte, The first company. When contacted, the bank stated that it could not comment on potential transactions being analyzed or processed, in compliance with banking confidentiality stipulated by law.
He said Aguila’s strategy is to look for these assets to develop, where the risk of not finding oil is lower. The company should look at other areas around the acquired fields. “There is an investment to be made in what is already known,” Mayhew said.
The executive highlights that aracas liste field, For example, there are studies and seismic studies conducted at the end of the 1960s, and that many of the fields drilled by Petrobras in the last 60 years have not been developed. “One of our goals is to look at what Petrobras did not want at the time. There are a lot of opportunities, 22,000 wells have been drilled in the last 60 years.
The company has already asked National Agency for Petroleum, Natural Gas and Biofuels (ANP).) Asset transfer The regulatory process is expected to be completed within three to four months. The oil company is still waiting for the General Authority to issue the environmental license. He estimated that oil production is expected to begin in May next year.
Through this deal, the company plans to invest approximately R$80 million over the next two yearsWith the aim of achieving a total production of approximately one thousand barrels of oil per day and 150 thousand cubic meters per day (m3/day) of natural gas.
In markets such as the United States, it is common for independent oil companies to produce oil and gas in fields whose economic viability is considered low by larger companies. There are companies that specialize in low quantities, such as Águila.
Mayhew stressed that Aguila’s move goes against the market: Right now, oil prices are falling, which, in theory, would discourage the oil company from continuing investments. He added that although low oil prices are a bad thing for those who produce in large quantities, the current price is considered positive for companies that are in the development stage.
This is because one of the consequences of low oil prices is drilling rig downtime, which makes development costs lower, Mayhew explained. “We believe this scenario is cyclical,” he said. “Drilling in a low-oil environment has a lower cost, and then we achieve the ‘upside’ in 2027 and 2028.”