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On the last Friday (18th), Petrobras management announced the beginning of the binding phase of the sale process for its entire stake in the Papa-Terra oil field, located in deep waters in the southern Campos Basin in Rio de Janeiro. 357 dormant field employees of Petrobras are transferred to the refinery
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Petrobras holds 62.5% of the field, and the remaining 37.5% belongs to American company Chevron.
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The Papa-Terra field, located in the Campos Basin, RJ, started operations in 2013, and its average oil and gas production in 2019 was 17,300 barrels of oil per day, through platforms P-61 and P-63.
The sale of the Papa-Terra oil field was announced in early February of this year. In the binding phase, Petrobras management selects the companies it deems fit to acquire the company’s assets, through a letter of invitation, with instructions on the divestment process.
The state-owned company also emphasizes that the disclosure complies with Petrobras’ divestment guidelines and with the provisions of the special procedure for the transfer of exploration, development, and production rights of oil, natural gas, and other fluid hydrocarbons, as stipulated in Decree 9,355/2018.
“This operation aligns with portfolio optimization and better capital allocation for the company, aiming for value generation for its shareholders,” it states.
Petrobras Paid R$ 246 Billion in Taxes and Government Participation
The state-owned company paid a total of R$ 246 billion in taxes in 2019, a growth of 34.91% in tax payments compared to 2018, when it paid R$ 182.4 billion.
Petrobras’ report showed that the state-owned company is the largest corporate taxpayer that finances the Brazilian federal government. Click here to continue reading
