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PetroRio agrees to buy 28.6% stake in Total’s oilfield offshore Brazil

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The Wahoo oilfield, located in the BM-C-20 block has a production capacity of over 140 mn barrels

Brazilian oil and gas company PetroRio has agreed to acquire a 28.6 percent stake in France-based oil major Total’s Wahoo oilfield, offshore Brazil, media reports said. The oilfield, which is located in the BM-C-30 block, has a production capacity of over 140 million barrels.

This will raise Petro Rio’s total stake in the block to 64.3 percent. The company previously purchased a stake from BP last year in the oilfield. The company did not share the financial details of the acquisition.

Earlier, it was reported that Brazil is on its way to launch a new regulatory framework for natural gas. It was reported that Congress might debate potential changes to the oil production regime in the next session. The country and the industry are focused on regulatory stability which is important for improvements in regulator processes.

S&P Global Platts Analytics said in a report “If these transactions are concluded, Brazil’s refining landscape will be completely re-shaped, moving from a monopoly controlled by Petrobras to an open market with potentially multiple new participants. It remains to be seen how many deals are eventually concluded and how each of the new entrants decides to run and maximize the potential of their refining assets.”

Last month, it was reported that Brazilian state-owned oil giant Petrobras is seeking to sell the Polo Urucu natural gas field and infrastructure to Eneva as part of its divestment plan.

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