In late February 2020, the Financial Director of PetroRio disclosed that the company was interested in acquisitions including the Garoupa pole on the Campos Basin shelf and the Papa Terra Field also in the Campos Basin but in deepwater. The company apparently has the strategy to accumulate other producing areas near to its Polvo and Frade fields that are being divested by Petrobras or others. The Garoupa pole is in the binding phase of divestment by Petrobras and includes 11 mature fields on the shelf: Anequim, Bagre, Cherne, Congro, Corvina, Malhado, Namorado, Parati, Garoupa, Garoupinha and Viola. The Papa-Terra divestment was only announced earlier in February. Petrobras plans to divest its 62.5% stake in the field and partner Chevron is also looking to sell the remaining 37.5%. In 2019 PetroRio, Chevron and Petrobras signed a purchase and sale agreement that resulted in the sale of 100% of the Frade Field to PetroRio. PetroRio is implementing a new plan to operate the Polvo and Tubarao Martelo fields together as a single unit thereby combining logistics contracts, support vessels and support bases starting in 2021 to maximize efficiency and economies of scale. The plan calls for the decommissioning of the Polvo FPSO and PetroRio also will dispose of the Tubarao Martelo base, three support vessels and a helicopter contract. In early September 2019 Petrobras announced the binding offer phase beginning for the divestment of 11 producing field concessions called the Garoupa pole. The fields had a combined production of 19,600 boe/d over the last 12 months. Petrobras has a 100% interest in all of them and the sale includes production and disposal facilities, platforms and pipelines up to the Cabiunas-Barra do Furado pipeline. The Garoupa cluster currently produces from 42 wells via five fixed platforms. 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. 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. 
inancial Director of PetroRio disclosed that the company was interested in acquisitions including the Garoupa pole on the Campos Basin shelf and the Papa Terra Field also in the Campos Basin but in deepwater. The company apparently has the strategy to accumulate other producing areas near to its Polvo and Frade fields that are being divested by Petrobras or others. 