Brazilian company Petrobras has made an agreement with 3R Petroleum Offshore for the sale of its stake in the Papa-Terra production field in the Campos Basin. The stake sale is in line with the company’s portfolio optimisation strategy to improve the capital allocation.
The transaction between the two companies is valued at US$105.6m, of which US$5m is expected to be paid immediately.
The field, located at 1,200 metres depth, recorded an average production of 179,00 boe/day until June 2021, and has been operating since 2013. The company operates it with a 62.5% stake with Chevron holding the remaining 37.5%.
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