Colombian state oil firm Ecopetrol SA is looking at Brazilian oil and gas deals that would include a cluster of onshore Petrobras fields in north-eastern Bahia state.
"Onshore Brazil is a very prospective area, especially in natural gas," Ecopetrol's Brazil chief Jorge Martínez said in an interview in Rio de Janeiro headquarters.
Ecopetrol is trying to leverage its onshore field experience in Colombia as a springboard to growth in Brazil, Latin America's largest oil producer. Petrobras and others have focused on the deepwater giant fields, and there is potential to raise production from onshore areas not yet reached, Martinez said. He sees natural gas demand growing as a fuel source for use in such projects as data centers.
State-owned Ecopetrol is ready to take exploration risk on northeastern Brazilian oil blocks such as Potiguar and Reconcavo. Petrobras is willing to sell onshore Polo Bahia Terra fields, with greater operating costs than pre-salt deep-water fields, Chief Executive Officer Magda Chambriard said this year.
If Petrobras would sell its stakes in the Bahia Terra Complex, or seek a partner, we would want to be part of it," said Martínez.
The two firms are already working in collaboration on the largest natural gas find off the coast of Colombia. The Sirius venture would add more than three times the current reserves to the nation if the deposit can be commercially opened up and would soften the nation's deficit. Petroleo Brasileiro SA, officially the national oil company, is the operator.
A divestment plan by Petrobras's previous administration presented Brazilian and foreign drillers with an opportunity to buy onshore fields low in priority to the state company. Ecopetrol is looking for mergers and acquisitions with such companies in order to strengthen its reserves and production. It also plans to participate in future rounds of onshore licensing.
"Good deals always find money," Martínez said.
Brazilian onshore production of oil and natural gas began to decline in the early 2000s and reached as low as 206,792 barrels of oil equivalent per day in 2022, ANP regulator reported. Production will rise after Petrobras assets purchases by new operators.