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

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