Chevron and Petrobras disclosed on 4 February 2020 that both companies want to sell their 100% stake in the Papa Terra Field in the deepwater Campos Basin. Both companies want to cut costs by selling assets. Papa Terra came online in 2013 and now produces oil and gas through two offshore platforms. Petrobras has 62.5% of the field with Chevron holding the remaining 37.5%. The heavy oil, between 14 and 17 degrees API gravity, and the deep water of Papa Terra Field make it one of the more technically challenging projects in Brazil.Petrobras in 2015 took major asset write downs for several producing fields. Leading the way was Papa-Terra Field with losses of US$ 2.4 billion. The devaluation was based on dropping oil prices but also seismic data reprocessing. On 16 March 2016 after exactly one year of operations on the P-61 platform in Papa Terra Field, Petrobras has had disappointing results. The Tension Leg Wellhead Platform (TLWP), P-61, is the first of its kind to be deployed in Brazil but was producing just 2,500 bo/d from only one of the 13 wells planned to be hooked up in the initial plan of the ultra-heavy oil field. Papa Terra also produced from three other wells connected to the FPSO P-63 for a total production of 16,000 bo/d. The P-61 platform is installed in a water depth of 1,200m. Papa Terra, according to previous projections was planned to reach peak production in 2015 of 115,000 bo/d and 28 MMcfg/d
Chevron and Petrobras disclosed on 4 February 2020 that both companies want to sell their 100% stake in the Papa Terra Field in the deepwater Campos Basin. 