February 4, 2020
Brazil's Petrobras and US energy company Chevron have initiated the sale of their stakes in the Papa-Terra deepwater oil field in the Campos Basin.
Petrobras, which operates the field with a 62.5% stake, has hired Crédit Agricole as financial adviser on the sale and set a deadline of March 13 for prospective bidders to express interest in Papa-Terra.
Technical bidders must have experience as operators of offshore oil fields to qualify, while their financial partners must have at least $1 billion
Brazilian state-owned oil company and US energy corporation seek bidders for the deepwater Papa-Terra block in the Campos Basin