3R Petroleum Offshore becomes operator at Papa-Terra

Dec. 27, 2022
3R Petroleum Offshore SA concluded acquisition of interests in Papa-Terra heavy oil field in the Campos basin offshore Brazil from Petrobras.

3R Petroleum Offshore SA concluded acquisition of interests in Papa-Terra heavy oil field in the Campos basin offshore Brazil from Petrobras.

Papa-Terra field is part of the BC-20 concession. It lies in water depth of 1,200 m. The field started operating in 2013 and its average oil production in the last 3 months was 16,200 b/d through two platforms, P-61 tension-leg platform and P-63 floating production, storage, and offloading vessel.

The acquisition, announced in July, was concluded with cash payment of $18.2 million to Petrobras (OGJ Online, July 13, 2021). The amount received is cumulative to the $6 million paid to Petrobras when the sale contract was signed. In addition, Petrobras expects to receive up to $80.4 million in contingent payments, depending on future Brent prices and asset development.

With conclusion of the transfer, 3R Offshore assumes operatorship of Papa-Terra (62.5%) with partner Nova Técnica Energy Ltda. (37.5%).