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The Papa-Terra Field of Petrobras, in the Campos Basin, had an average production of oil and gas until June of 17,900 boe/day
Yesterday (12/07), Petrobras announced that it sold its total interest in the Papa-Terra field, located in the Campos Basin. 3R Petroleum made the purchase for US$ 105 million. Also check out: Petrobras sells its participation in an onshore field to Petrom, in the Sergipe – Alagoas Basin
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About the Sale of the Papa-Terra Field of Petrobras
According to Petrobras, the sale price was US$ 105.6 million, with US$ 6 million paid on the present date; US$ 9.6 million at closing of the transaction, and US$ 90 million in contingent payments outlined in the contract, related to production levels of the asset, located in the Campos Basin, and future oil prices.
Such amounts do not consider due adjustments, and the closing of the transaction is subject to the fulfillment of precedent conditions, such as approval by the ANP – National Agency of Petroleum, Natural Gas, and Biofuels.
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Sale of Assets Aligned with the Strategy of the State Company
Fernando Borges, director of Exploration & Production at Petrobras, states that the sale of the asset in the Campos Basin is part of their portfolio management, a common practice in the industry. Fernando emphasizes that by strategically reallocating investments, they open opportunities for diversification in the oil and gas industry with new investors, bringing positive results for companies, the industry, and especially for society.
Ricardo Savini, CEO of 3R Petroleum, highlights that the emergence and strengthening of other players foster the development of the oil and gas industry, as well as stimulating regional and national economies through various channels: taxes, investments, job and income generation, as well as boosting and consolidating the supply chain.
In the statement released to the market, Petrobras also informs that all these operations are aligned with the strategy of optimizing the portfolio, reducing indebtedness, and improving the allocation of the company’s capital, increasingly focusing its resources on world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated a significant competitive edge over the years.
Read Also: Petrobras Begins the Sale Process of an Onshore Field in the Potiguar Basin, in Rio Grande do Norte
On the 9th, Petrobras announced that it began the process to sell its interest in an onshore oil field in the Potiguar Basin, in the state of Rio Grande do Norte. The state company holds 70% of the terrestrial exploratory block POT-T-794, belonging to the BT-POT-55th concession, with the remaining 30% owned by Sonangol Hidrocarbonetos Brasil.
The concession for the onshore field in the Potiguar Basin was acquired in 2006 during the 7th Round of Block Auctions held by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP). Petrobras holds a 70% interest in the onshore field in the state of Rio Grande do Norte, and Sonangol, the operator of the concession, holds the remaining 30% interest. The consortium between Petrobras and Sonangol drilled two wells in the onshore field, one of which discovered gas.
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