Brazil's 3R Petroleum considering divestments

Brazil’s 3R Petroleum is considering selling smaller fields in its portfolio, CEO Matheus Dias told a conference call with analysts on Wednesday. 

“We certainly have assets to which we dedicate a lot of resources and which end up stalling at the end of the day. There is potential for divestment or partnership, so that we can dedicate ourselves to our main fields,” he said.  

3R's average production in the second quarter was 46,610boe/d, 73% of which came from onshore fields in the Potiguar and Recôncavo basins. 

Individually, the largest fields are those in its offshore complex: Papa-Terra and Peroá, which produced 9,726boe/d and 2,527boe/d, respectively, in the period.   

NEW WELL

3R Petroleum hopes to obtain a license from Brazil’s environmental regulator Ibama this year to drill well PPT-52 in Papa-Terra.

“We're waiting for a technical opinion in the first few weeks of August. We should be able to resolve Ibama's doubts,” said Dias, although he also admitted that an ongoing strike at the agency could lead to delays. “I think the biggest risk this year is getting the license for PPT-52.”

Mobilizations by employees of oil and gas regulator ANP, who are also protesting for better working conditions, are another worry. “The concern is the operational audits that we’ll have in the coming weeks,” offshore operations director Maurício Diniz said.

GAS

3R remains in talks with Petrorecôncavo to evaluate sharing infrastructure for the flow, compression, measurement and processing of natural gas in the Potiguar basin. 

"We both need a solution, and I think an equity partnership is the best way forward," Dias said.