PetroleoBrasileiro S.A. or Petrobras PBR and Excelerate Energy L.P. (Excelerate) reached a consensus after bargaining at length on securing the tender whereby the former will lease the Bahia Regasification Terminal to the latter.
Excelerate will begin importing LNG and selling regasified natural gas to its Brazilian consumers after completing the financial, and legal qualifying and certification stages and receiving all the relevant regulatory clearances. At the Bahia Regasification Terminal, Excelerate will use one of its existing Floating Storage and Regasification Units (FSRU).
Petrobras' decision to proceed in the tender for leasing the Bahia Regasification Terminal to Excelerate will significantly boost the Brazilian natural gas sector's competitiveness. For years, the company entrusted Excelerate with crucial services and the latter hopes to continue supporting Petrobras' attempts to expand its LNG access in the Brazilian energy market.
Excelerate is constantly consulting with clients to estimate their natural gas needs as well as coordinating continuously with Petrobras to achieve a smooth transition of service.
Since 2012, Excelerate provided regasification services in Brazil with a proven track record at Petrobras' LNG facilities in Bahia, Guanabara Bay and Pecém. At the Guanabara Bay LNG Regasification Terminal in September 2020, Excelerate's FSRU experience set an industry record for send-out capacity by achieving 1.06 billion cubic feet.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons besides other energy-related operations.
Zacks Rank & Other Stocks to Consider
Petrobras currently sports a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the energy space include Devon Energy Corporation (NYSE:DVN) DVN, Matador Resources (NYSE:MTDR) Company MTDR and Continental Resources (NYSE:CLR), Inc. CLR, each presently flaunting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
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