Brazilian energy player Brava Energia, former 3R Petroleum before the merger with Enauta, has shut down production at an oil field in the Campos basin off the coast of Brazil. The timeline for the resumption of production remains elusive.
Following a request from Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) for information regarding its platform operating systems, the production at the Papa Terra field was stopped on the night of September 4.
Previously, the production at the field was resumed on August 29, 2024, once a scheduled stoppage for maintenance was completed as part of a campaign to revitalize equipment, which began in May 2024, aiming to improve the asset’s efficiency, reliability, and operational safety.
After the resumption of operations, production from the Papa Terra field stabilized at around 15,000 barrels of oil equivalent per day through six wells: PPT-12, PPT-16, PPT-17, PPT-22, PPT-37, and PPT-50. However, the PPT-51 well is under intervention to replace the pump.
There is no set resumption date so far. Petrobras sold the field to 3R Petroleum in December 2022. The Papa Terra field, part of the BC-20 concession and located at a water depth of 1,200 meters, started operating in 2013.
The field’s oil production is done through two units, P-61 of the tension leg wellhead platform (TLWP) type and P-63 , which is an FPSO type, where all the production is processed. Constellation recently signed an agreement to sublet the Alpha Star rig for 30 days during the ongoing contract with Brava Energia, which enabled the rig to work on the Papa Terra field.
Based on ANP’s recent ‘ 2023 Annual Exploration Report ,’ the investments in the exploration phase of E&P contracts could reach around R$10 billion (over $1.78 billion) in 2024. The report also provides insights into investments planned for the exploration phase from 2024 to 2027, based on the exploration work plans (PTEs) for 2024 submitted to ANP by companies holding E&P contracts.
From 2024 to 2027, a total of R$18.31 billion (about $3.26 billion) is planned for investments in the exploration phase with 2024 accounting for the largest share, R$9.97 billion (more than $1.77 billion), followed by 2025, with R$7.64 billion (around $1.36 billion), and finally, the years 2026 and 2027, with an expected R$701 million ($124.76 million) in investments. The distribution of investments from 2024 to 2027 based on activities shows that 88% will be concentrated in well drilling, for which R$16.04 billion (almost $2.85 billion) is forecast, while the remaining 12% (R$2.27 billion or $403.7 million) will be distributed between well testing (8%), exclusive geophysical survey (3%) and non-exclusive geophysical survey (1%).