3R Petroleum targets Petrobras’ portfolio
The independent is rapidly expanding its footprint in Brazil and may not have finished just yet
Asset sales may have slowed for Brazilian state oil company Petrobras in recent months, but several domestic independents are still cherry-picking items, as showcased by the recent takeover of Papa-Terra in the Campos basin by Rio de Janeiro-based 3R Petroleum. The company agreed to pay $105.6mn for the ultra-heavy oil field, leaving it with a 62.5pc operating stake and US partner Chevron holding the remaining share. In January, 3R Petroleum also snapped up Petrobras’ Peroa cluster for $37.5mn, adding to the four assets it bought in 2020 for a combined $380.5mn. Fronting the company’s upstream drive, Papa-Terra presents a big opportunity with an estimated 2bn bl oe in place. The deepwater fi
Also in this section
26 February 2026
OPEC, upstream investors and refiners all face strategic shifts now the Asian behemoth is no longer the main engine of global oil demand growth
25 February 2026
Tech giants rather than oil majors could soon upend hydrocarbon markets, starting with North America
25 February 2026
Capex is concentrated in gas processing and LNG in the US, while in Canada the reverse is true
25 February 2026
The surge in demand for fuel and petrochemical products in Asia has led to significant expansion in refining and petrochemicals capacities, with India and China leading the way
