3R Petroleum Completes Acquisition of Papa Terra Cluster from Petrobras and Invests in Offshore Sector in Campos Basin

Written by Ruth Rodrigues

Published on 26/12/2022 at 17:35

Foto: Petrobras

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The Conclusion of the Acquisition of the Papa Terra Pool Is Another Expansion Initiative of the Company’s Offshore Operations. 3R Petroleum Took Over Some of Petrobras’ Assets in 2022 and Aims for Activities in the Campos Basin for 2023.

Last Friday, (12/23), the oil and gas company 3R Petroleum announced the conclusion of the acquisition operations of the Papa Terra Pool, located in the Campos Basin, in a transaction with Petrobras. The company secured the transfer of a 62.5% stake in the pool, located in Brazil’s deepwater region. Now, it is preparing to expand its operations in the offshore sector throughout 2023.

Transaction for the Transfer of the Papa Terra Pool from Petrobras to 3R Petroleum Was Successfully Completed Last Week

The last week ended with significant results for the asset portfolio of the oil company 3R Petroleum.

This is because the company announced the successful completion of the acquisition operations of the Papa Terra Pool, an important offshore asset located in the Campos Basin region.

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The sale of the asset was carried out by Petrobras, which received a total of US$ 105.6 million for the transfer of a 62.5% stake in the location.

The entire operation was approved by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP), which granted the necessary authorization for the transfer of the Papa Terra Pool stake to 3R Petroleum Offshore, a subsidiary in which the company holds an 85% stake.

Throughout 2022, 3R Petroleum took over the operation of some Petrobras assets in the offshore and onshore oil and gas sector.

In August, the transaction for the operations of the Peroá Pool (ES), the company’s first offshore asset, and Fazenda Belém (CE) was completed. In May, the acquisition of the Recôncavo Pool (BA) was finalized.

Now, the acquisition of the pool located in the Campos Basin marks the second offshore asset and the seventh in the oil and gas segment operated by the oil company in Brazil, an important milestone for the company’s market growth.

Ricardo Savini, CEO of 3R Petroleum, highlighted that the Papa Terra Pool takes the company in a new direction regarding national offshore market projects, celebrating the acquisition of the former Petrobras asset.

“With this conclusion, the company is just two assets away from fully taking over all the pools acquired from Petrobras,” he emphasized.

The Acquisition of the Papa Terra Pool by the Company Also Ensures the Transfer of Production Equipment and Infrastructure at the Campos Basin Asset

The reserve certification of the asset, issued by DeGolyer and MacNaughton with a base date of December 31, 2021, indicates a volume of proved probable reserves (2P) of 172.0 million barrels of oil equivalent (“boe”) for 100% of Papa Terra.

Thus, 3R Petroleum will be able to leverage the net interest of 53.13% in the Campos Basin pool, after acquiring the asset from Petrobras, representing 91.4 million boe in 2P reserves.

In addition to operating the Papa Terra Pool, the transaction with Petrobras also provides for the transfer of production infrastructure and submarines located at the asset.

In this way, 3R Petroleum will control the operation of the submarines P-61 and P-63, identified as 3R-2 and 3R-3, respectively.

As a result, the oil company will operate nine assets across four basins and five Brazilian states: Ceará, Rio de Janeiro, Espírito Santo, Bahia, and Rio Grande do Norte.

3R Petroleum Completes Acquisition of Papa Terra Cluster from Petrobras and Invests in Offshore Sector in Campos Basin

The Conclusion of the Acquisition of the Papa Terra Pool Is Another Expansion Initiative of the Company’s Offshore Operations. 3R Petroleum Took Over Some of Petrobras’ Assets in 2022 and Aims for Activities in the Campos Basin for 2023.

Transaction for the Transfer of the Papa Terra Pool from Petrobras to 3R Petroleum Was Successfully Completed Last Week

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The Acquisition of the Papa Terra Pool by the Company Also Ensures the Transfer of Production Equipment and Infrastructure at the Campos Basin Asset

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3R Petroleum Completes Acquisition of Papa Terra Cluster from Petrobras and Invests in Offshore Sector in Campos Basin

The Conclusion of the Acquisition of the Papa Terra Pool Is Another Expansion Initiative of the Company’s Offshore Operations. 3R Petroleum Took Over Some of Petrobras’ Assets in 2022 and Aims for Activities in the Campos Basin for 2023.

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The Acquisition of the Papa Terra Pool by the Company Also Ensures the Transfer of Production Equipment and Infrastructure at the Campos Basin Asset

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At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

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