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.
