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Petrobras (PBR) Receives $1.12B From Shell for Atapu Stake
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Brazil’s state-owned oil major Petrobras (PBR - Free Report) recently announced that it received $1.12 billion from Shell’s (SHEL - Free Report) Brazilian subsidiary for the 25% interest in the Atapu block.
The Atapu block was bought by the consortium comprising Petrobras, which owns a 52.5% interest, Shell, which has a 25% stake, and TotalEnergies, which holds the remaining 22.5%, during the second Bidding Round for the Transfer of Rights surplus under the Production Sharing Regime on Dec 17, 2021.
PBR stated that it anticipates collecting the entire payment related to TotalEnergies' stake. Moreover, the signing of the Production Sharing Contract and the Coparticipation Agreement is likely to happen by Apr 29, 2022.
Located in the Santos Basin, offshore Brazil, the Atapu field is a pre-salt oil field with water depths of approximately 6,500 feet. The field commenced production in 2020 and reached 160,000 barrels per day of output, with a first floating, production, storage and offloading vessel. It also has the capacity to treat up to 6 million m³/d of gas.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL has been active in Brazil for more than a century. It has more than 30 oil/gas contracts in the country and carries the distinction of being the first independent energy company to churn out hydrocarbons on a commercial scale following the relaxation of the state monopoly in the late 1990s.
Rio de Janeiro-based Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. Petrobras’ activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks and refining, processing, trading and transportation.
Petrobras currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look are PDC Energy and Vista Oil & Gas (VIST - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Vista’s 2022 earnings is projected at $1.55 per share, up about 187% from the projected year-ago earnings of 54 cents.
Vista’s stock has rallied 238% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised about 11.5% upward over the past 90 days from $1.39 per share to $1.55.
PDC Energy’s stock has gone up 133.5% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 56% upward over the past 60 days from $10.39 per share to $16.21.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $16.21 per share, up 102.9% from the projected year-ago earnings of $7.99.
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Petrobras (PBR) Receives $1.12B From Shell for Atapu Stake
Brazil’s state-owned oil major Petrobras (PBR - Free Report) recently announced that it received $1.12 billion from Shell’s (SHEL - Free Report) Brazilian subsidiary for the 25% interest in the Atapu block.
The Atapu block was bought by the consortium comprising Petrobras, which owns a 52.5% interest, Shell, which has a 25% stake, and TotalEnergies, which holds the remaining 22.5%, during the second Bidding Round for the Transfer of Rights surplus under the Production Sharing Regime on Dec 17, 2021.
PBR stated that it anticipates collecting the entire payment related to TotalEnergies' stake. Moreover, the signing of the Production Sharing Contract and the Coparticipation Agreement is likely to happen by Apr 29, 2022.
Located in the Santos Basin, offshore Brazil, the Atapu field is a pre-salt oil field with water depths of approximately 6,500 feet. The field commenced production in 2020 and reached 160,000 barrels per day of output, with a first floating, production, storage and offloading vessel. It also has the capacity to treat up to 6 million m³/d of gas.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL has been active in Brazil for more than a century. It has more than 30 oil/gas contracts in the country and carries the distinction of being the first independent energy company to churn out hydrocarbons on a commercial scale following the relaxation of the state monopoly in the late 1990s.
Rio de Janeiro-based Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. Petrobras’ activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks and refining, processing, trading and transportation.
Petrobras currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look are PDC Energy and Vista Oil & Gas (VIST - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Vista’s 2022 earnings is projected at $1.55 per share, up about 187% from the projected year-ago earnings of 54 cents.
Vista’s stock has rallied 238% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised about 11.5% upward over the past 90 days from $1.39 per share to $1.55.
PDC Energy’s stock has gone up 133.5% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 56% upward over the past 60 days from $10.39 per share to $16.21.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $16.21 per share, up 102.9% from the projected year-ago earnings of $7.99.