Can 3R Offshore turn around troubled Papa-Terra field?

July 16, 2021

On 12 July 2021, 3R Offshore announced the acquisition of Petrobras’ 62.5% operating stake in the ultra-heavy oil Papa-Terra field, located in the south of the Campos Basin. The consideration is up to US$105.6 million, split into firm payments of US$15.6 million and contingent payments that could reach US$90 million.