Offshore staff
CALGARY, Canada — Maha Energy has signed terms for a business combination with DBO Energy, a privately owned upstream oil and gas company focused on mature offshore fields in Brazil.
DBO, formed in 2017, has attracted North Sea investors to invest in Brazilian fields, working with Brazilian partners and applying North Sea approaches to identify additional reserves, develop mature oil and gas fields, and increase oil and gas recovery.
Maha has production interests in North America, Brazil and Oman.
The two parties first had discussions in 2018. Since then, DBO has invested about $40 million in equity and built a position in the Brazilian E&P sector, initially in onshore fields via 3R, which was later incorporated in the listing of 3R Petroleum on the Brazilian stock exchange.
DBO then became a 15% shareholder in 3R Petroleum Offshore, which has operated interests in various producing oil and gas fields off Brazil. 3R Offshore has 100% of the Peroá cluster and a 65% operated interest in the Papa Terra cluster, subject to completion of a transaction with Petrobras.
After incorporating all its assets into Maha, DBO plans to seek further growth opportunities.
The Peroá gas cluster is in the Espírito Santo Basin in shallow waters, with estimated remaining 2P reserves of 19 MMboe. It includes the undeveloped Malombe discovery, a potential tieback to the Peroá platform that could add 16,000 boe/d at peak.
Papa Terra is a heavy oil field in the deepwater Campos Basin, 100 km from the coast of Rio de Janeiro, Brazil, with 2P reserves of 166 MMboe.
Production is set to increase in the coming years following increased drilling activity. The field produces via the P-63 FPSO and the P-61 tension-leg wellhead platform, with a combined processing capacity of 140,000 bbl/d of oil and slots to connect up to 21 producing and 11 injecting wells.
Six production wells and three injection wells are active.
12.05.2022
