Albacora Leste

Albacora Leste Oil and Gas Field Profile

Location

The Albacora Leste Oil and Gas Field is located in the Campos Basin, offshore Rio de Janeiro, Brazil. Specifically, it is situated in the northern part of the basin, approximately 120 km from Cabo de São Tomé, and spans an area of more than 511 square kilometers. The field operates in water depths ranging from 1,000 meters to 2,150 meters.

Discovery and Production

The field was discovered in 1986. Production began in 1998, following a four-year pilot test that started in 1994. The field has been in full-scale production since then.

Ownership and Operation

As of January 2023, the field is operated by PetroRio Jaguar Petróleo, a subsidiary of PetroRio, which acquired a 90% stake from Petrobras. The remaining 10% is held by Repsol Sinopec Brasil.

Geology and Reserves

Albacora Leste is characterized by its heavy and acidic oil, which poses significant challenges in extraction. The field's reserves are substantial:

• Oil Reserves: Approximately 4,136.56 million barrels (volume in place) as of 2015.
• Gas Reserves: About 57,690.02 million cubic meters (original volume in place) as of 2015.

As of 2020, the cumulative production figures were:

• Oil: 432 million barrels
• Gas: 6,629.27 million cubic meters.

Production Details

The field currently produces an average of 29,000 barrels of oil per day and 591,500 cubic meters of gas per day, utilizing the FPSO (Floating Production, Storage, and Offloading) unit P-50.

Transaction Details

The sale of Petrobras's stake to PetroRio was finalized in January 2023, involving a cash payment of $1.635 billion, in addition to $292.7 million received at the initial signing of the agreement in August 2022. Future payments are contingent on Brent crude prices.

Development and Infrastructure

The development of Albacora Leste was marked by various delays and challenges due to its deepwater location and the nature of the oil. The field's infrastructure includes the FPSO P-50, which handles both oil and gas production. PetroRio has plans for the redevelopment of the field to optimize production.

Economic and Production Outlook

Production from the Albacora Leste field is expected to continue until it reaches its economic limit in 2052, based on current economic assumptions. The field has recovered approximately 49.03% of its total recoverable reserves as of the last available data.

Key Statistics

• Area: More than 511 square kilometers
• Water Depth: 1,000 meters to 2,150 meters
• Production Start: 1998
• Current Production: 29,000 bbl/d of oil, 591,500 cu. m/d of gas
• Cumulative Production (2020): 432 million bbl of oil, 6,629.27 million cu. m of gas
• Reserves (2015): 4,136.56 million bbl of oil, 57,690.02 million cu. m of gas.