3R Petroleum Offshore becomes operator at Papa-Terra
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%).
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
