Million-Dollar Offer Leads Brazil’s Largest Oil Company to Divest from Papa-Terra Oil Field and Further Reduce Its Presence in Campos Basin

The Giant Of Brazilian Oil Petrobras Announced Last Week The Sale Of Its Participation (62.5%) In The Papa-Terra Field, In The Campos Basin

Million-Dollar Offer Of US$ 105.6 Million, From The Oil Company 3R Petroleum, Makes The Brazilian Oil Giant Dispose Of Its Asset In The Campos Basin. The Sale Of The Oil Field Is Part Of Petrobras’ “Divestments” Scenario And Is A Further Concern That Could Leave The Country More Vulnerable From An Energy And Economic Perspective, Potentially Affecting Job Creation.

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According To Sindipetro, It Is Still Not Possible To Measure The Harmful Effects Of Job Loss Or Production And Its Impacts On Royalties, But The Labor Movement Identifies The Intensification Of A Financial Logic In The Oil Sector As Detrimental.

According To Researcher João Montenegro From Ineep (Institute Of Strategic Studies In Oil, Natural Gas And Biofuels), It Is Still Early To Know The Specific Impacts Of The Sale Of Assets Such As P-61 And P-63, Platforms That Are Part Of The Papa-Terra Field, But There Is A Warning Regarding The Growing Presence Of Private Actors, Who Seek Immediate Profit For Their Shareholders, To The Detriment Of Treating The Sector As Strategic For The Country, Which Can Generate Jobs And Social Development.

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There Is A Concern About A Drop In The Number Of Jobs With The Arrival Of The New Company

The Researcher Also Highlights That The Impact Of A Reduction In The National Content Policy Will Need To Be Evaluated, Since Private Companies In The Sector Have No Obligation To Prioritize The Domestic Market. In Addition, The Relationships That These Companies Will Have With Their Workers And Representative Entities Should Be Observed. There Is A Concern About A Drop In The Number Of Jobs And A Reduction In The Quality Of The Jobs Preserved, Which Will Need To Be Confirmed With The Actions Of The New Management Company Of The Field Units.

According To Economist Carlos Takashi, A Technician At The Dieese Subsection At Sindipetro-NF, The Papa-Terra Field Has Differences Compared To Recently Sold Fields, Which Had Been Experiencing Declines In Their Production (Pargo, Enchova And Pampo). The First Is That It Is Located In Deep Waters, Not Shallow Waters Like The Others. The Second Is That It Is A Newer Field: It Was Discovered In 2003 And The First Oil Was Extracted In November 2013, While Production At The Pargo, Enchova, And Pampo Fields Started In The 1980s.

“Although Production At The Papa-Terra Field Also Declined Between 2014 And 2018 Due To Factors Such As Reduced Investments By Petrobras And The Adoption Of A Deliberate And Accelerated Privatization Policy Since 2016, In The Last Two Years (2019 And 2020) The Papa-Terra Field Has Been Recovering Its Production. Petrobras Announced The Sale And Has Now Signed A Sale Contract For A Field Where It Itself Has Been Recovering And Which Has Potential For Increased Production,” Explains The Economist.