Petrobras has announced plans to acquire the 50% interests held by Petronas subsidiary Petronas Petróleo Brasil in the Tartaruga Verde and Espadarte Module III fields in Brazil’s Campos Basin for $450m (2.35bn reais).
By exercising its pre-emptive right, Petrobras will be restored as the sole owner and operator of these assets. Petronas acquired the 50% stakes in late 2019.
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Petrobras’ move prevents Brava Energia from acquiring the stakes under an agreement it signed with Petronas in January 2026 on similar financial terms. Brava Energia has now terminated the agreement and will be reimbursed for the amount it paid at signing.
The Tartaruga Verde field and Module III of Espadarte are situated in the southern area of the Campos Basin at estimated water depths of between 700 and 1,620m.
Petrobras operates these assets using the floating production, storage and offloading (FPSO) vessel Cidade de Campos dos Goytacazes, producing approximately 55,000 barrels of oil per day.
The Brazilian company disclosed that the transaction will commence with a $50m payment at the signing of the agreement.
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By GlobalDataSubsequent payments include $350m upon closing, with adjustments based on the transaction’s effective date of 1 July 2025.
Additionally, two further payments of $25m each will follow at 12 and 24 months, post-closing.
Petrobras stated that financial offsets related to economic outcomes from these assets since July 2025 will adjust the total disbursement.
The acquisition aims to enhance Petrobras’ strategic management flexibility, aligning with its business plan, which prioritises disciplined capital allocation within the oil and gas sector.
The transaction will be completed once certain conditions outlined in the purchase and sale agreement are met. This includes obtaining approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels.
In January 2026, Petrobras and its partners commenced oil production at the Búzios 6 project using the P-78 FPSO unit in the Búzios field, part of Brazil’s Santos Basin pre-salt layer. The Búzios field lies 180km off the coast of Rio de Janeiro state in ultra-deep waters exceeding 2,000m.
