The Papa-Terra field is located at a water depth of 1,200m. Credit: chumlee10 via Flicker.

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.

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.”

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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.