Cobras IS acquires the assets of Petrobras in Polo Carmópolis (Brazil)

Cobra IS has announced the acquisition, by its subsidiary Carmo Energy, of Polo Carmópolis from the Brazilian Petrobras group.

Polo Carmópolis holds the interests in eleven onshore oil and natural gas field concessions, as well as related infrastructure – including processing, storage and transport – located in the State of Sergipe in Brazil.

In this context, Carmo Energy will be in charge of the maintenance of these facilities and of the work to upgrade them to technical and environmental standards. It will be remunerated through their exploitation. The average daily production of Polo Carmópolis amounted to 4,500 barrels of oil and 22,000 m3 of natural gas in November 2022.

The total amount of the acquisition is US$1.1 billion, with US$823 million paid in 2022, and the balance of US$275 million to be paid to Petrobras within twelve months.

This transaction was signed in 2021 – before VINCI acquired Cobra IS – and will be the subject of a strategic review in 2023.

VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.

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