Brazil's Batista Family seeks to expand its footprint in the Oil Sector

According to two sources familiar with the deal, Brazilian oil and natural gas company Fluxus is owned by J&F Group, the holding firm of the Batistas. It has made a nonbinding offer to purchase the assets on land of Brava Energia.

J&F acquired Fluxus in 2023. It also purchased a Pluspetrol oil field in Argentina. Fluxus' growth continued in 2024 when it acquired Pluspetrol Bolivia which included three oilfields.

According to a source who asked to remain anonymous due to the nature of the discussion, Fluxus now looks to expand, especially in Brazil, Argentina Bolivia and Peru.

Fluxus' interest in Brava assets will be subject to further analysis, according to the same source. Valor Economico, a Brazilian newspaper, was the first to mention Fluxus' interest in Brava onshore assets.

According to one of two sources, Brava, the company formed by the merger of 3R and Enauta in the past year, received recently five non-binding offers for its onshore assets. Brava's assets onshore are valued at around $2 billion by the market.

J&F's controllers, who are also the major shareholders of giant meatpacker JBS have interests in many segments including food, personal care, pulp and papers, financial services and more.

According to the same sources, J&F is always looking for new business. One person said that Fluxus, Ambar's energy generation, commercialization and holding arm, would likely be the fastest growing firms. Luciana Magnalhaes, reporting; Andrea Ricci, editing.

(source: Reuters)