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Petrobras to divest Papa-Terra field offshore Brazil to 3R Offshore

The Papa Terra heavy crude oil field, in which Petrobras has a 62.5% stake, produced 17,900boed as of June 2021.

By Archana Rani

Petrobras has agreed to sell its interests in the producing Papa-Terra field located in the Campos Basin offshore Brazil to 3R Offshore for up to $105.6m.

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Under the deal, 3R Offshore will immediately pay $6m to Petrobras.

The Brazilian national oil company will receive an additional $9.6m from 3R Offshore at the closing of the transaction.

3R Offshore will make contingent payments of up to $90m related to production levels and future oil prices.

Petrobras in a statement said: “This transaction is in line with the portfolio optimisation strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in world-class assets in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.”

Petrobras operates the field with a stake of 62.5% while its partner Chevron holds the remaining 37.5% interest.

A part of the BC-20 concession, the Papa-Terra field is located at a water depth of 1,200m.

The field, which commenced production in 2013, has an average oil and gas production capacity of 17,900boed as of June 2021.

It produces through two platforms, P-61 of the Tension Leg Wellhead Platform (TLWP) type and P-63 of the Floating Production Storage and Offloading (FPSO) type.

According to estimates, the Papa-Terra field holds 700 million to one billion barrels of oil equivalent.

Separately, Petrobras signed Itapu Coparticipation Agreement with Pré-sal Petróleo (PPSA).

The agreement is expected to regulate the coexistence of the transfer of rights contract (ToR) and the production sharing contract (PSC) for the surplus volume of the ToR from the Itapu field.

The oil and gas field is located at a water depth of 2,000m in the Santos Basin pre-salt, offshore Brazil.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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