3R Petroleum Offshore signs deal for Papa-Terra field interests
July 13, 2021
3R Petroleum Offshore SA has agreed to acquire participation interests in Papa-Terra heavy oil field in the Campos basin offshore Brazil from Petrobras for $105.6 million.
Papa-Terra field is part of the BC-20 concession. It lies in water depth of 1,200 m. The field began production in 2013 (OGJ Online, Nov. 10, 2013). Average 2021 production of oil and gas until June was 17,900 boe/d through two platforms, P-61 tension-leg platform and P-63 FPSO (OGJ Online, Mar. 16, 2015).
Consideration includes $6 million paid, $9.6 million to be paid at closing, and $90 million in contingent payments related to production levels and future oil prices.
Closing is subject to conditions including approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Petrobras is operator of the field with a 62.5% stake. Chevron holds the remaining 37.5%.
