On 3 February 2020, Petrobras published a teaser to sell its 62.5% working interest in the 182.78 sq km BC-020 contract, Papa-Terra production concession block in the deep-water, offshore Campos Basin. It has denominated the asset as the E&P Campos Basin.     Petrobras holds 62.5% operated working interest with non-operating partner Chevron holding 37.5%. Petrobras stated that the Chevron working interest was not included and it is unclear if Chevron will exercise its first right of refusal or also offer its working interest in a separate sales process.      Petrobras indicated that it estimates original oil in place (OOIP) of 1.98 Bbls of 14Â° to 17Â° API oil with improved production results from the latest two development wells drilled. It also indicated there is upside through a prospect identified in the block.      The customary qualification and manifestation of interest are required to enter the non-binding phase of the divestment process.      The manifestation of interest must be sent to papa-terra@ca-cib.com by 28 February 2020.      The qualification documents must be sent to papa-terra@ca-cib.com by 13 March 2020.    On 7 August 2015, the ANP approved the first revision to the development plan for the Petrobras operated Campos Basin Papa-Terra Production Concession. The modifications to the development plan include the commencement of a polymer injection system by 31 December 2017 and the presentation of a second revision of the development plan by 31 July 2017. The second revision will update the geological and reservoir simulation models along with estimating production and reserves based on the updated models. The field began producing a high water cut in late 2014 with a decrease in oil production. In 2014 the field produced an average of 24,376 bo/d with peak production of 33,940 bo/d in July 2014. In December 2014 the water cut increased to about 30%. In 2015 the water cut has been steadily increasing to June 2015 where the water cut was about 69% of the 13,137 bo/d produced from four horizontal wells, three connected to the FPSO P-63 and one connected to the TLWP P-61. Petrobras was reported to have foreseen potential problems with the heavy and viscous oil and the Eocene and Cretaceous turbidite reservoirs. It is working on defining the best strategy for drilling additional production and injection wells with regards to implementing the polymer injection project that is intended to increase oil production and decrease water production.  The original development plan included two production units, the FPSO P-63 that commenced production in the field in November 2013 and the TLWP P-61 production unit that commenced production in March 2015. They have a capacity of 140 Mbo/d and 35 MMcfg/d through 18 production wells and 11 injector wells. The TLWP P-61 production unit is also connected to the Tender Assisted Drilling Unit (TAD) for drilling and workover operations.  The official discovery well for the Papa-Terra field was new-pool wildcat 4-RJS-610 (4-BRSA-218-RJS) on 24 June 2003. Petrobras drilled four final evaluation wells during the fourth quarter of 2005 and indicated in a press release it had estimated in place reserves of about 700 MMbo to 1 Bbo of 14Â° to 17Â° API with recoverable 2P reserves estimated to be 380 MMbo. Peak production was expected to be reached in 2016. Petrobras indicated this was one of the most complex projects it has developed to date as a result of the 1,200 m water depth and the heavy oil in the reservoir. The estimated cost for the entire project was reported to be USD 5.2 billion.   On 16 March 2015, Petrobras reported production startup commenced on the tension leg platform, TLWP P-61 production unit, in the Campos Basin Papa-Terra Production Concession. The TLWP will be connected to 13 production wells and to the FPSO P-63. The first production well was connected to the TLWP and began producing into the FPSO P-63. Petrobras produced first oil through the FPSO P-63 production unit on 12 November 2013. The production capacity for both production units is 140 Mbo/d and 35 MMcfg/d through 18 production wells and 11 injector wells. The FPSO topsides facilities are designed to process and inject up to 340,000 b/d of water. The FPSO P-63 will be connected to five production wells and 11 injector wells. Petrobras will connect an additional five injector wells to the P-63 after six have been connected to date. The TLWP P-61 production unit is also connected to the Tender Assisted Drilling Unit (TAD) that is equipped to conduct drilling and workover operations.
Petrobras - Campos Basin - BC-020 contract, Papa-Terra production concession - E&P Campos Basin package on offer