Brazil's Petrobras has launched a teaser for the sale of its entire share in the Papa Terra field, 110 kilometers from the coast offshore Brazil.
The Brazilian oil company said that the planned sale of the field was in line with its portfolio optimization and improvement of capital allocation.
The Papa Terra field is located at the BC-20 concession, in the Campos Basin, at a water depth of 1,200 meters. It was discovered in June 2003, and it started producing oil in November 2013.
Its average oil and gas production in 2019 was 17,300 boe/day, through two platforms, P-61 type TLWP (Tension Leg Wellhead Platform) and P-63 type FPSO where the entire production is processed. Oil is exported through tanker offloading. Produced gas is reinjected in the reservoir (no gas export)
A Tender Assist Drilling (TAD) rig, through a charter contract, is installed along with P-61. Petrobras is the operator of the field, with 62.5% stake, in partnership with Chevron, which holds the remaining 37.5%. The concession contract expires in December 2032
"The transaction may also include the assignment of other services contracts for the operation of the field and also an oil purchase and sale agreement in case the Prospective Purchaser wishes to sell its production to Petrobras," the Brazilian company said in the teaser.