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
13 November 2025
The new federal government appears far more supportive of oil and gas than former prime minister Justin Trudeau’s climate-focused administration, but the prospects look better for the latter hydrocarbon
12 November 2025
The November 2025 issue of Petroleum Economist is out now!
10 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
10 November 2025
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
