3R Petroleum completes the acquisition of the Polo Papa Terra from Petrobras and invests within the offshore department within the Campos Basin area

3R Petroleum completes the acquisition of the Polo Papa Terra from Petrobras and invests within the offshore department within the Campos Basin area

The completion of the acquisition of Polo Papa Terra is yet another initiative to expand the company’s offshore operations. 3R Petroleum took over some of Petrobras’ assets in 2022 and is targeting activities in the Campos Basin for 2023.

Last Friday (12/23), the oil and gas company 3R Petroleum announced the completion of the operations for the acquisition of Polo Papa Terra, located in the Campos Basin, in a transaction with Petrobras. The company managed to transfer a 62.5% stake in the complex, located in the Brazilian deep water region. Now, it is preparing to expand its offshore operations throughout 2023.

This is because the company announced the successful completion of the operations to acquire Polo Papa Terra, an important offshore asset located in the Campos Basin region.

The sale of the asset was carried out by Petrobras, which received a total of US$ 105.6 million for the transfer of a 62.5% stake in the site.

The entire operation was approved by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), which granted the necessary authorization for the transfer of the stake in Polo Papa Terra to 3R Petroleum Offshore, a subsidiary in which the company has an 85% stake.

Throughout 2022, 3R Petroleum took over the operation of some Petrobras assets in the offshore and onshore oil and gas sector.

In August, the transaction for the operations of Polo Peroá (ES), the company’s first offshore asset, and Fazenda Belém (CE) was completed. In May, the acquisition of Polo Recôncavo (BA) was concluded.

Now, the acquisition of the pole located in the Campos Basin marks the second offshore asset and the seventh in the oil and gas segment operated by the oil company in Brazil, an important milestone for the company’s market growth.

Ricardo Savini, CEO of 3R Petroleum, highlighted that Polo Papa Terra takes the company in a new direction in terms of projects in the domestic offshore market, celebrating the acquisition of the former Petrobras asset.

“With this conclusion, the company is two assets away from fully assuming all the poles acquired from Petrobras”, he highlights.

Acquisition of Polo Papa Terra by the company also guarantees the transfer of equipment and production infrastructure in the Campos Basin asset

The asset’s reserve certification, issued by DeGolyer and MacNaughton with a base date of December 31, 2021, indicates a volume of proven probable reserves (2P) of 172.0 million barrels of oil equivalent (“boe”) for 100% of Pope Earth.

Thus, 3R Petroleum will be able to take advantage of the net interest of 53.13% in the Campos Basin hub, after the acquisition of the Petrobras asset, representing 91.4 million boe in 2P reserves.

In addition to the operation of Polo Papa Terra, the transaction with Petrobras also provides for the transfer of production infrastructure and submarines located in the asset.

Thus, 3R Petroleum will control the operation of submarines P-61 and P-63, identified as 3R-2 and 3R-3, consecutively.

With this, the oil company will hold the operation of nine assets, in four basins and five Brazilian states, namely Ceará, Rio de Janeiro, Espírito Santo, Bahia and Rio Grande do Norte.

Source: Click Petróleo

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