Brazil M&A | Brazil’s biggest ever onshore deal – Carmo Energy takes Carmopolis

January 6, 2022

One of the biggest impacts of Petrobras’ divestment program is the creation of a sizeable independent E&P sector in Brazil – it’s starting to rival Colombia in terms of scale and active participants. Established players like PetroReconcavo and PetroRio have taken the opportunity to materially bulk up their portfolios, while the door has been opened to new entrants like 3R Petroleum, Karavan Oil and now Carmo Energy (a subsidiary of Grupo Cobra).