Recently, Petrobras also revealed that it is offering to buy up to $2.5 billion in global notes maturing between 2025 and 2050. The company said in a statement that it will issue new global notes maturing in 2051. However, the company did not elaborate further in this regard.

Last month, Petrobras has acquired BP’s stake in six offshore blocks in the Foz do Amazonas Basin. The financial details of this deal have not been disclosed. BP transferred its 30 percent stake in the offshore assets to Petrobras. This means now Petrobras owns a 100 percent stake in the blocks.

In this regard, Petrobras said, “The transaction is in line with the 2021-2025 Strategic Plan, which outlined new exploratory fronts outside the Southeast basins, and is part of the company’s portfolio-management process, prioritising investments in world-class deep-water and ultradeep-water assets.”

In 2020, Petrobras had set a new record for annual output. The oil company pumped an average of 2.28 million bpd in 2020. It broke its previous record of an average of 2.23 million bpd, which was set in 2015. According to Petrobras, it was greatly helped by the performance at the Buzios Field and improved corrosion-treatment efforts at its subsalt fields.

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Vestas will deliver the turbines to Omega Energia in 2022 and the project is expected to be functional by 2023. The deal is to deliver 47 V150-4.2MW wind turbines in 4.5MW power optimised mode and to service the turbines for the next 10 years.

Vestas Latin America president Eduardo Ricotta told the media, “Omega is a leading player in the Brazilian market, and we are certain that the reliability and competitiveness of the V150-4.2MW turbine combined with the 10-year service agreement, will provide our partner long-term certainty for their first greenfield project in Bahia.

“We are really proud to achieve this 5GW milestone, consolidating V150-4.2MW as the best-selling turbine model ever in Brazil. This underlines the turbine’s excellent fit with Brazil’s wind conditions and its unparalleled levelised cost of energy.”

Recently, leading renewable energy company Atlas Renewable Energy revealed that it has secured a $150 million loan to finance the construction of its Lar do Sol – Casablanca sola project in Brazil. The 359MWp solar project will provide clean energy to Anglo American’s operations in Minas Gerais.

It is being reported that Lar do Sol – Casablanca’s generation will be the equivalent of supplying energy to 390,000 houses per year and will cut emissions by 50,000 per year.

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Petrobras owns 62.5 percent of the project and the remaining 27.5 percent is owned by Chevron.

According to Petrobras, Papa-Terra produced 17,300 barrels of oil equivalent per day in 2019. The asset is widely seen as having complex geology, though Petrobras said it will be offered on attractive financial terms.

While Petrobras confirmed the same in a securities filing, Chevron, on the other hand, said in a statement, “This initiative supports the company’s ongoing efforts to manage its global portfolio.”

“Chevron remains committed to growing its presence in Brazil through the pre-salt blocks acquired in the 2018 and 2019 bid rounds. Brazil pre-salt, world-class resources play an important role in Chevron’s global upstream strategy.”

Last year, Chevron sold its majority ownership stake in Brazil’s Frade field. Currently, Papa Terra is the only mature asset the company holds in Brazil.

Similarly, Petrobras is also in the process of divesting a majority of its non-core assets in order to reduce debt.

Reportedly, Petrobras is also selling the Mangue Seco 1 and Mangue Seco 2 wind farms in the northern state of Rio Grande do Norte. Petrobras is planning to sell a 49 percent and 51 percent stake in the two wind farms respectively. The two wind farms are part of a complex of four plants, with a combined capacity of 52-megawatt.

Recently, Petrobras also exited the African continent by selling its stakes in Petrobras Oil and Gas BV (POGBV), through which it held stakes in Nigeria’s Egina and Agbami fields.

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The seven investment banks hired by Petrobras are Morgan Stanley, JPMorgan Chase, Goldman Sachs Group, Itau Unibanco, XP, Bank of America and Citgroup.

According to media reports, Petrobras will sell 37.5 percent interest in its fuel distribution unit Petrobras Distribuidora (BR). The sale could help Petrobras raise around $2.99 billion.

However, it is not clear whether Petrobras will sell the entire 37.5 percent at once or in fractions.

The stake sale in Petrobras Distribuidora is part of the oil company’s plan to divest various assets to reduce its debt. In the company’s 2020 to 2024 business plan released by the company in December 2019, Petrobras revealed that it is looking to sell assets worth $20 to $30 billion in the next five years.

Earlier this month, Petrobras exited the African continent by selling its 50 percent stake in Petrobras Oil & Gas PV (POGPV) to Petrovida Holding in a deal worth $1.5 billion. Through POGPV, Petrobras had control over the Nigerian oil fields of Egina and Agbami.

In October 2018, the Brazilian oil giant entered into a partnership with Petrovida Holding, which is now fully under the control of Africa Oil.

The oil company has also put up its entire stake in the deepwater concessions Golfinho Cluster and Camarupim Cluster, located in the Espirito Santo Basin up for sale.

While Golfinho Cluster is located at a water depth between 1,300 metre and 2,200 metre, Camarupim Cluster is located in a water depth between 100 metre and 1,050 metre.

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The deal for the Brazil plants was carried out through local renewable energy subsidiary Enel Green Power for approximately $2.9 billion, according to media reports. The company said in a statement: “The transaction is aimed at freeing up resources that can finance Enel’s further renewable development in Brazil, while the company will continue plant management activities on the assets sold.”

The three assets for sale include two solar plants and one wind farm. The solar plants Nova Olinda (292 MW) is located in the north-eastern Brazilian state of Piauí and Lapa (158 MW) is situated in the north-eastern Brazilian state of Bahia. The 90 MW Cristalândia wind farm is also located in Bahia.

Nova Olinda is located in the municipality of Ribeira do Piauí. The facility comprises nearly 930,000 solar panels in an area of 690 hectares, and can generate more than 600 GWh per year.

According to the press release, all three farms have long-term Power Purchase Agreements (PPAs). The statement said, “”In line with the Group’s 2019-2021 Strategic Plan, this transaction aims to maximize and accelerate value creation by rotating assets to free up resources that can be invested in new projects, while Enel will continue operation and maintenance activities on the assets sold.”

The full transaction will be paid at closing.  

Enel Green Power as part of the Enel Group is dedicated to the renewables’ development and operations around the world. The company has a strong presence in Europe, the US, Asia, Africa, and Oceania.

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