(Bloomberg) – Colombian oil producer Ecopetrol SA is pursuing oil and gasoline offers in Brazil that might embrace a cluster of onshore Petrobras fields within the northeastern state of Bahia.
“We consider that Brazilian onshore has nice potential, particularly in pure gasoline,” Jorge Martínez, the top of Ecopetrol’s operations in Brazil, mentioned in an interview from the corporate’s places of work in Rio de Janeiro.
Ecopetrol is trying to leverage its experience at onshore fields in Colombia to broaden in Brazil, Latin America’s largest oil producer. Petrobras and different oil majors have centered on mega fields in deep waters, and there are alternatives to broaden output at onshore areas which have been neglected, Martinez mentioned. He expects pure gasoline demand to develop as a supply of electrical energy for initiatives together with information facilities.
State-controlled Ecopetrol is keen to tackle exploration danger at oil areas corresponding to Potiguar and Reconcavo in Brazil’s northeast. Petrobras is contemplating promoting its Polo Bahia Terra cluster of onshore fields, the place working prices are greater than at deep-water fields within the so-called pre-salt area, Chief Govt Officer Magda Chambriard mentioned earlier this 12 months.
“If Petrobras decides to promote its property within the Bahia Terra Complicated, or search a companion, we want to take part in that course of,” mentioned Martínez.
The 2 firms are already working collectively at Colombia’s largest offshore pure gasoline discovery. The Sirius challenge 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 recognized, is the operator.
A divestment program beneath 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 firms to broaden its reserves and manufacturing. It additionally plans to take part in future onshore licensing rounds.
“Good offers all the time discover cash,” mentioned Martínez.
Oil and pure gasoline 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, in keeping with regulator ANP. The company expects manufacturing to develop following the acquisition of Petrobras property by new operators.