US-based private equity firm Starboard Asset has submitted the best offer in a Petrobras divestment process to acquire an operating stake in the troubled Papa Terra field in the Campos basin off Brazil.

Petrobras entered negotiations with Starboard in late October after the group, which holds a relevant position in Brazilian independent 3R Petroleum, bid approximately $90 million for a 62.5% stake in Papa Terra.

“The beginning of negotiations with the participant who presented the best proposal is an expected unfolding in the divestment projects,” said Petrobras.