Perenco Brazil has announced the acquisition of the Cherne and Bagre concessions from Petrobras.

The deal comprises the Cherne and Bagre fields and two fixed platforms, located 30km from the Pargo Cluster in 120-140m water depth. The PCH-1 and PCH-2 platforms were hibernated by Petrobras in early 2020 and later scheduled for decommissioning.

Following the closing of the transaction, expected in 2025, Perenco Brazil will implement an ambitious redevelopment plan to revitalise the assets, restart production to a target rate of 10,000-15,000 barrels of oil per day and unlock in excess of 50 mmstb of reserves.

A new export pipeline will be laid directly to Pargo, to leverage the new Floating Storage and Offloading (FSO) infrastructure, improve efficiency and continue Perenco’s strategy of gaining independence in the basin. The deal exemplifies Perenco’s appetite and capacity to add value by tackling the industry’s mature field challenges.

Commenting on today’s announcement Armel Simondin, Perenco CEO, said:
"This acquisition is a new milestone for the Perenco Group in Brazil. Since takeover of the Pargo assets in 2019 at a rate of 2,800 bopd, we have increased production to over 20,000 bopd and successfully installed our own FSO. Perenco is proud to deploy its know-how to extend the life of these mature fields and grow our footprint in Brazil."

KeyFacts Energy: Petrobras Brazil country profile   l   Perenco Brazil country profile