Petrobras has signed agreements with Petronas Petróleo Brasil Ltda to acquire a 50% stake in the Tartaruga Verde field and the Espadarte field’s Module III for $450m, restoring full ownership of the Campos basin assets, according to Petrobras.
The deal consolidates Petrobras’ control over a producing offshore cluster delivering about 55,000 barrels of oil per day, operated via the FPSO Cidade de Campos dos Goytacazes in water depths ranging from approximately 700 to 1,620 metres.
The consideration is structured with $50m paid at signing, $350m payable at closing and up to $50m in deferred payments split into two instalments over 12 and 24 months.
Final amounts will be adjusted to reflect the economic performance of the assets since the effective date of 1 July 2025.
Completion remains subject to conditions precedent, including approval from the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis.
The transaction returns Petrobras to full equity ownership while maintaining operatorship of the assets.
Petrobras is a sociedade de economia mista established under Brazilian law, engaged in exploration, production, refining, transportation and commercialization of oil, natural gas and energy products across integrated operations.
Petronas Petróleo Brasil Ltda is a limited liability company incorporated in Brazil and part of the Petronas group, holding upstream oil and gas interests and operating within the country’s regulatory framework.
