Perenco Brazil Completes Acquisition of Campos Basin Concessions from Petrobras
The Brazilian subsidiary of Anglo-French oil and gas player Perenco has finalized the acquisition of two concessions located in shallow waters in the Campos Basin from Brazil’s state-owned oil and gas giant Petrobras. The acquisition includes the Cherne and Bagre fields and two fixed platforms, PCH-1 and PCH-2, which were previously mothballed by Petrobras.
Perenco’s CEO, Armel Simondin, expressed excitement about the acquisition, stating, “This completion of Perenco Brazil’s acquisition of the Cherne and Bagre concessions represents a significant step change in our position in Brazil. We will focus on revitalizing the assets to achieve our production target of 15,000 barrels of oil per day and unlock over 50 mmstb of reserves.”
Perenco Brazil aims to reach a production of 15,000 barrels of oil per day in the medium term, which, combined with the existing Pargo assets, is expected to result in a total production of 35,000 barrels of oil per day.
The newly acquired assets are situated in 120-140 meters of water depth, 27 kilometers from the Pargo cluster, which includes the Carapeba, Pargo, and Vermelho fields. The area is developed by eight fixed platforms, with current production from the Pargo cluster standing at approximately 20,000 barrels per day.
Perenco has been actively expanding its portfolio, recently completing an acquisition from Woodside Energy for the Greater Angostura assets, including interests in the Angostura and Ruby offshore fields and associated facilities.
Platform Incident
One of the acquired platforms, PCH-1, was the site of a fire and explosion in April 2025, resulting in injuries to workers. The incident highlights the importance of safety measures in offshore operations and the need for rigorous maintenance and inspection protocols.
Perenco’s acquisition of the Cherne and Bagre concessions marks a significant milestone in the company’s presence in Brazil, with plans to optimize production and maximize reserves in the region.