Petrobras completes sale of Papa-Terra field

Brazil’s oil and gas giant Petrobras has concluded the sale of the totality of its stake in the Papa-Terra production field located in the Campos Basin to 3R Petroleum Offshore.

With this, 3R Offshore assumes the condition of operator of the field with a 62.5 per cent stake, in partnership with Nova Técnica Energy, which holds the remaining 37.5 per cent.

The operation was concluded with the cash payment of $18.2 million to Petrobras, already with the adjustments foreseen in the contract. The amount is cumulative to the $6 million paid to the Brazilian company when the sale contract was signed.

In addition, Petrobras is expected to receive up to $80.4 million in contingent payments, depending on future Brent prices and asset development.

Papa-Terra, part of the BC-20 concession and located at a water depth of 1,200 meters, started operating in 2013.

The field’s average oil production in the last three months from September to November was 16.2 thousand bbl/day, through two platforms, P-61 of the Tension Leg Wellhead Platform (TLWP) type and P-63 FPSO, where all the production is processed.

According to Petrobras, the operation is in line with its portfolio management strategy and the improved allocation of its capital, aiming to maximize value and provide a greater return to society.

The oil and gas company said it continues to concentrate its resources on assets in deep and ultradeep waters.

To remind, Petrobras in August announced that it had concluded the sale of its entire stake in producing shallow-water fields of Peroá and Cangoá and the Malombe discovery in the Espírito Santo Basin to 3R Offshore.

When it comes to other activities, it is worth mentioning that Petrobras this week put into operation its new floating, production, storage and offloading (FPSO) vessel P-71 in the Itapu field in the Santos Basin pre-salt area.

The unit is the last in the series of six replicants operated by the Brazilian company, also composed of P-66, P-67, P-68, P-69, and P-70. 

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