Petrobras Wraps Up Sale Of Papa-Terra Field To 3R Petroleum
Brazilian state-owned oil major Petrobras has concluded the sale of the totality of its stake in the Papa-Terra production field, located in the Campos Basin, to the company 3R Petroleum Offshore.
The operation was concluded with the cash payment of $18.2 million to Petrobras with adjustments foreseen in the contract.
Petrobras said that the amount received was cumulative to the amount of $6 million paid to the Brazilian giant when the sale contract was signed. In addition to this value, Petrobras is expected to receive up to $80.4 million in contingent payments, depending on future Brent prices and asset development.
With the conclusion of the transfer, 3R Offshore becomes the operator of the Papa-Terra field with a 62.5 percent stake. Its only partner in the field is Nova Técnica Energy which holds the remaining 37.5 percent.
“This operation is in line with the company’s portfolio management strategy and the improved allocation of its capital, aiming to maximize value and provide greater return to society. Petrobras continues to concentrate its resources on assets in deep and ultradeep waters, where it has shown a great competitive edge over the years,” the company stated.
As for the Papa-Terra field, it is part of the BC-20 concession and is located at a water depth of around 4,000 feet. The field started operating in 2013 and its average oil production in the last three months – September to November of 2022 – was 16.2 thousand barrels per day.
Production is done through two platforms – the tension leg wellhead platform P-61 type and the P-63 FPSO where all the production is processed.
The buyer 3R Offshore is a company controlled by 3R Petroleum Óleo e Gás, which is listed on the Novo Mercado of the Brazilian stock exchange and whose strategy is to revitalize mature offshore fields.
Published: 27-12-2022
