Vinci's Cobra IS Acquires Petrobras Assets in Brazil's Polo Carmopolis for $1.1 Billion
December 21 2022 - 2:27AM
Dow Jones News
By Giulia Petroni
Vinci SA unit Cobra IS has acquired the assets of Brazilian
state-owned Petroleo Brasileiro SA, also known as Petrobras, in the
onshore Polo Carmopolis area for $1.1 billion.
Polo Carmopolis holds interests in eleven onshore
oil-and-natural-gas field concessions as well as related
infrastructure located in the state of Sergipe. The average daily
production in the area was 4,500 barrels of oil and 22,000 cubic
meters of natural gas in November.
The acquisition was made through Cobra IS's subsidiary Carmo
Energy, which will be in charge of the facilities' maintenance.
Petrobras will be paid $823 million this year and the remaining
$275 million within twelve months, Vinci said Wednesday.
The deal was signed last year and will be subject of a strategic
review in 2023.
Cobra IS is a renewable energy-focused business that Vinci
acquired from Spanish rival Actividades de Construccion y Servicios
SA.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 21, 2022 03:12 ET (08:12 GMT)
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