Rio de Janeiro – Petrobras announced this Monday that it started the teaser phase for the sale of its entire stake in the Papa-Terra field in the offshore deep-water Campos Basin in Rio de Janeiro. The company is the field’s operator with a 62.5% stake, in partnership with Chevron, which owns the remaining 37.5%.
The Papa-Terra field is part of the block BC-20 and lies at a water depth of 1,200 m. Its first production occurred in 2013, and its average oil and gas output in 2019 stood at 17,300 barrels of oil equivalent a day.
The filing with the main demands as well as the eligibility criteria for selecting potential participants is available on Petrobras website. According to the company, the subsequent phases of the project will be informed to the market in a timely manner.
“This operation is aligned to our portfolio optimization and the improvement of the company’s capital allocation, aiming to maximize shareholder value,” the press release reads.
Translated by Guilherme Miranda
