Papa-Terra auction offshore Brazil enters binding phase

Offshore staff

RIO DE JANEIRO – Petrobras has initiated the binding phase for the sale of its full interest in the deepwater Papa-Terra field in the Campos basin offshore Brazil. 

Qualified bidders will receive a process letter with instructions on the divestment process, including guidelines on due diligence and submission of binding proposals.

The Papa-Terra field, in the BC-20 concession, is in a water depth of 1,200 m (3,937 ft). Production started in 2013 and averaged 17,300 boe/d last year through the P-61 tension leg wellhead platform and the P-63 FPSO.

The P-61 operates with a chartered tender-assist drilling rig alongside.

Petrobras operates the field with a 62.5% stake, in partnership with Chevron (37.5%).

04/21/2020