By Brazil Stock Guide — Brava Energia (B3: BRAV3) said on Thursday (October 29) that it had completed the transfer of a disputed 37.5% stake in the Papa-Terra offshore oil field to its subsidiary, 3R Petroleum Offshore, bringing the company’s interest in the asset to 100%. However, the transaction remains subject to an ongoing arbitration that could ultimately reverse the transfer.
The stake, previously held by Nova Técnica Energy (NTE), was formally transferred on October 29 through an amendment to the field’s concession agreement registered with Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), the country’s oil and gas regulator.
The dispute dates back to 2024, when 3R Offshore invoked contractual provisions allowing it to take over Nova Técnica’s interest after alleging that its consortium partner had failed to meet financial obligations related to the field. Nova Técnica challenged the move through arbitration, triggering a legal battle over ownership of the stake.
In February 2026, the arbitral tribunal authorized 3R Offshore to proceed with the transfer, subject to two important restrictions. The company is prohibited from selling or transferring the disputed 37.5% interest to third parties, and the transaction remains reversible until the tribunal issues its final decision on the merits of the dispute.
Thursday’s announcement therefore marks an important step in formalizing Brava’s control of Papa-Terra without resolving the underlying ownership dispute. The field, located in Brazil’s Campos Basin off the coast of Rio de Janeiro, is part of Brava’s offshore production portfolio. The company began production from a new well at Papa-Terra in September as part of a broader drilling campaign aimed at expanding output.
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