Petrobras Received A Billion-Dollar Offer For The Papa-Terra Oil Field In The Campos Basin Yesterday Afternoon (24)

Written by Flavia Marinho

Published on 25/11/2020 at 08:57

A Petrobras é operadora do campo petrolífero Papa-Terra, com 62,5% de participação, em parceria com a Chevron, que detém os 37,5% restantes.

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Petrobras Is The Operator Of The Papa-Terra Oil Field, With 62.5% Participation, In Partnership With Chevron, Which Holds The Remaining 37.5%.

The Brazilian state oil company Petrobras announced yesterday afternoon, Tuesday (11/24), that the asset manager Starboard Asset Ltd. offered 90 million dollars for its Papa-Terra oil field, located in the Campos Basin. Petrobras Outlines Revitalization Plan For The Campos Basin And Ensures The Survival Of Offshore Operations In Macaé

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According To Petrobras, Starboard’s offer of approximately US$ 90 million was the highest, but it has not yet been possible to say whether both companies would reach a final agreement. “Considering firm and contingent payments, and there is no deadline for the end of negotiations.”

“There is no forecast for disclosure to the market, according to the Divestment System. The signing of contracts related to this divestment is subject to the success of the negotiations and the obtaining of the necessary corporate approvals,” adds the company.

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“Thus, it is not possible to anticipate at this time whether the operation will be completed and, if so, what the final amount to be paid will be,” concludes the statement.

“Therefore, negotiations with Starboard Asset Ltd. (Starboard), a fund management company with a significant interest in 3R OG Petroleum, began on that date.”

In the announcement, Petrobras states that the stage of receiving binding offers was concluded on September 29, 2020, and reinforces its commitment to the broad transparency of its divestment projects and its portfolio management, where subsequent stages will be disclosed to the market according to the Divestment System of the state-owned company.

Petrobras is the operator of the Papa-Terra oil field, with 62.5% participation, in partnership with Chevron, which holds the remaining 37.5%. 100% of the project is for sale.

About The Sale Of The Papa-Terra Oil Field – Petrobras

Starboard Asset Made An Offer Of US$ 90 Million
Petrobras Is The Operator Of Papa-Terra, With 62.5% Participation
Chevron Holds The Remaining 37.5%
PSO P-63 Began Production In 2013
P-61, The Only Tension Leg Wellhead Platform (TLWP) Installed In The Country, Began Production In 2015
Did Not Achieve Initially Projected Production Levels
Petrobras Estimates Good Possibilities For Production Expansion

The Papa-Terra field, in the Campos Basin, has a concession contract signed with the ANP until 2032. Area Of Round Zero, there is no commitment to local content.

Petrobras Received A Billion-Dollar Offer For The Papa-Terra Oil Field In The Campos Basin Yesterday Afternoon (24)

Petrobras Is The Operator Of The Papa-Terra Oil Field, With 62.5% Participation, In Partnership With Chevron, Which Holds The Remaining 37.5%.

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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

About The Sale Of The Papa-Terra Oil Field – Petrobras

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Petrobras Received A Billion-Dollar Offer For The Papa-Terra Oil Field In The Campos Basin Yesterday Afternoon (24)

Petrobras Is The Operator Of The Papa-Terra Oil Field, With 62.5% Participation, In Partnership With Chevron, Which Holds The Remaining 37.5%.

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