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
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
