Petrobras to buy Petronas’ 50% Campos Basin stakes for $450m

Petrobras has announced plans to get the 50% interests held by Petronas subsidiary Petronas Petróleo Brasil successful the Tartaruga Verde and Espadarte Module III fields successful Brazil’s Campos Basin for $450m (2.35bn reais).

By exercising its pre-emptive right, Petrobras volition beryllium restored arsenic the sole proprietor and relation of these assets. Petronas acquired the 50% stakes successful precocious 2019.

Petrobras’ determination prevents Brava Energia from acquiring the stakes nether an statement it signed with Petronas successful January 2026 connected akin fiscal terms. Brava Energia has present terminated the statement and volition beryllium reimbursed for the magnitude it paid astatine signing.

The Tartaruga Verde tract and Module III of Espadarte are situated successful the confederate country of the Campos Basin astatine estimated h2o depths of betwixt 700 and 1,620m.

Petrobras operates these assets utilizing the floating production, retention and offloading (FPSO) vas Cidade de Campos dos Goytacazes, producing astir 55,000 barrels of lipid per day.

The Brazilian institution disclosed that the transaction volition commence with a $50m outgo astatine the signing of the agreement.

Subsequent payments see $350m upon closing, with adjustments based connected the transaction’s effectual day of 1 July 2025.

Additionally, 2 further payments of $25m each volition travel astatine 12 and 24 months, post-closing.

Petrobras stated that fiscal offsets related to economical outcomes from these assets since July 2025 volition set the full disbursement.

The acquisition aims to heighten Petrobras' strategical absorption flexibility, aligning with its concern plan, which prioritises disciplined superior allocation wrong the lipid and state sector.

The transaction volition beryllium completed erstwhile definite conditions outlined successful the acquisition and merchantability statement are met. This includes obtaining support from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels.

In January 2026, Petrobras and its partners commenced lipid accumulation astatine the Búzios 6 task utilizing the P-78 FPSO portion successful the Búzios field, portion of Brazil’s Santos Basin pre-salt layer. The Búzios tract lies 180km disconnected the seashore of Rio de Janeiro authorities successful ultra-deep waters exceeding 2,000m.

"Petrobras to bargain Petronas’ 50% Campos Basin stakes for $450m" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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