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
29 January 2026
Caught between LNG risks from across the Atlantic and the wounds from Russian gas dependence, Europe needs more than a simple diversification strategy
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
