3R Petroleum Invests $35.2 Million and Starts Operations in Fazenda Belém Oil Hub in Ceará After Deal with Petrobras

Written by Ruth Rodrigues

Published on 08/08/2022 at 15:47

Foto: Marcello Casal Jr/ Agência Brasil

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The Company 3R Petroleum Continues Its Expansion Plan in the Brazilian Oil and Gas Market and Took Over the Cearense Oil Polo Fazenda Belém, Previously Managed by the State-Owned Petrobras.

During last Friday, (08/05), the oil and gas company 3R Petroleum announced another expansion of its asset portfolio in the Brazilian market, with the start of operations at the Fazenda Belém Polo, located in the state of Ceará. The company purchased the asset from Petrobras for a total of US$ 35.2 million and can now leverage the production of oil from the region to enhance its presence in the fuels segment in the national territory.

Fazenda Belém Polo, Previously Owned by Petrobras, Will Be Operated by 3R Petroleum Following a US$ 35.2 Million Transaction with the State Company

Last week was quite eventful for the oil and gas sector in Brazil, with fuel price reductions and new asset acquisitions by major oil companies in Brazil. Among the transactions, 3R Petroleum announced a major acquisition in the field, the purchase of the Fazenda Belém oil polo, located in the state of Ceará, which was acquired from the state-owned Petrobras during a divestment round for a total value of US$ 35.2 million.

This is yet another significant step for 3R Petroleum in its productive expansion campaign for oil in Brazil, as the Fazenda Belém polo has become the sixth asset of the company to enter production and part of the five poles located in the Potiguar Basin, an important region for fuel exploration.

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The Fazenda Belém Polo is located in the municipality of Icapuí, approximately 160 kilometers from Fortaleza, and includes two onshore fields, the Fazenda Belém field and the Icapuí field, essential for the Ceará oil and gas economy.

“Starting operations at the Fazenda Belém Polo marks 3R Petroleum’s presence in yet another important state, Ceará, the fourth state where 3R begins operations after Rio Grande do Norte, Bahia, and Espírito Santo. With this asset now producing, we expand our presence in the Brazilian onshore market and benefit from the synergies generated by operating multiple production poles in the Potiguar Basin, leading to efficiency and cost reduction,” highlighted 3R Petroleum’s CEO, Ricardo Savini, in the announcement of the operation.

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The acquisition of the Fazenda Belém polo operation by 3R Petroleum will be essential for the company to expand its oil production in the national territory. This is because Petrobras’s data shows that the average production of the area, during the year 2021, was approximately 677 barrels of oil, a significant number for the oil company’s productive expansion campaign in the Brazilian oil and gas market.

In addition, the certification of reserves in the area, updated by Gaffney Cline with a reference date of December 2021, confirms that the volume of proved probable reserves (2P) totals 12.6 million barrels of oil, with 55% classified as 1P (proved).

This is not the company’s first recent acquisition of an oil polo, as 3R Petroleum announced last week the purchase of the Peroá Polo, located in the Espírito Santo Basin, in a transaction with Petrobras.

The company will disburse a total of US$ 55 million, with a payment of US$ 5 million made upon signing the contract, and further advances in the field of oil production in the national territory.

3R Petroleum Invests $35.2 Million and Starts Operations in Fazenda Belém Oil Hub in Ceará After Deal with Petrobras

The Company 3R Petroleum Continues Its Expansion Plan in the Brazilian Oil and Gas Market and Took Over the Cearense Oil Polo Fazenda Belém, Previously Managed by the State-Owned Petrobras.

Fazenda Belém Polo, Previously Owned by Petrobras, Will Be Operated by 3R Petroleum Following a US$ 35.2 Million Transaction with the State Company

Oil Company Continues to Invest in Expanding Oil Production After Acquiring the Peroá Polo from Petrobras

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3R Petroleum Invests $35.2 Million and Starts Operations in Fazenda Belém Oil Hub in Ceará After Deal with Petrobras

The Company 3R Petroleum Continues Its Expansion Plan in the Brazilian Oil and Gas Market and Took Over the Cearense Oil Polo Fazenda Belém, Previously Managed by the State-Owned Petrobras.

Fazenda Belém Polo, Previously Owned by Petrobras, Will Be Operated by 3R Petroleum Following a US$ 35.2 Million Transaction with the State Company

Oil Company Continues to Invest in Expanding Oil Production After Acquiring the Peroá Polo from Petrobras

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