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Petrobras sells Papa-Terra field offshore Brazil to 3R Petroleum

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Oilfield Technology,

Petrobras has signed a contract with 3R Petroleum Offshore SA (3R Offshore) for the sale of its entire stake in the Papa-Terra field, located in the Campos Basin.

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.

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Upstream news Offshore news Brazil upstream news Oil & gas news