3R comes to terms for Petrobras oil field

3R comes to terms for Petrobras oil field

M&A Energy Oil Gas Brazil

Brazilian oil and gas company 3R Petroleum said Monday that it agreed to buy 62.5% of the Papa-Terra oil field from state-owned oil company Petrobras for $106 million. "The acquisition... marks the beginning of [3R's] deep-water operations as well as strengthens the construction of a diversified portfolio with mature onshore and offshore assets," the Rio de Janeiro-based company said in a securities filing.  3R said it had paid $6 million upon signing the contract and pledged to pay $9.6 million

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