The sale price is US$105.6 million, with (a) US$6 million being paid on 12 July 2021; (b) US$9.6 million at the closing of the transaction and (c) US$90 million in contractual contingent payments related to asset production levels and future oil prices.
The Papa-Terra field is part of the BC-20 concession and is located in a water depth of 1200 m. The field began operating in 2013 and its average oil and gas production in 2021, until June, was 17 900 boe/d, through two platforms, P-61 type TLWP (Tension Leg Wellhead Platform) and the P-63 FPSO, where the entire production is processed.
Petrobras is the operator of the field, with a 62.5% stake, in partnership with Chevron, which holds the remaining 37.5%.
“By strategically reallocating our investments, we open opportunities for diversification in the oil and gas industry with new investors and bringing positive results for companies, for the industry and above all for society”, said Fernando Borges, Petrobras Exploration & Production director.
"The emergence and strengthening of other players foster the development of the oil and gas industry, in addition to stimulating the regional and national economies through various channels: taxes, investments, job and income generation, as well as the heating and consolidation of the supply chain,” said Ricardo Savini, CEO of 3R Petroleum.
Read the latest issue of Oilfield Technology in full for free: Issue 2 2021
Oilfield Technology’s second issue of 2021 starts with a report from KPMG that examines the outlook for the Scottish oil and gas sector. The rest of the issue is dedicated to articles covering the offshore supply chain industry, offshore asset integrity, expandable liner technology, advances in drilling, data security, flow control, EOR and methane emissions.
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Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/13072021/petrobras-sells-papa-terra-field-offshore-brazil-to-3r-petroleum/