3R Petroleum Offshore takes charge of Papa-Terra offshore Brazil

Offshore staff

RIO DE JANEIRO, Brazil — Petrobras has completed the sale of its interest in the producing Papa-Terra Field in the Campos Basin offshore Brazil to 3R Petroleum Offshore.

In addition to monies already received for the transaction, Petrobras could net up to $80.4 million in future payments, based on Brent prices and further field development.

3R Offshore now operates Papa-Terra with a 62.5% stake, with Nova Técnica Energy holding the remaining 37.5%.

The field is in 1,200 m of water in the BC-20 concession. Operations started in 2013, with recent output of about 16,200 bbl/d of oil through the P-61 tension-leg wellhead platform and the P-63 FPSO, which processes all production.

01.03.2023