Petrobras announced on Mar. 16 its decision to exercise its right of first refusal to acquire the remaining 50 percent stakes in the Tartaruga Verde field and Module III of the Espadarte field from Petronas Petróleo Brasil Ltda. The company will regain full ownership and continue as operator of both assets, which are located in the Campos Basin.
The move is significant for Petrobras as it aligns with its business plan and strategic focus on oil and gas operations. The company said the acquisition offers attractive economic and financial conditions, increases flexibility in portfolio management, and prioritizes assets with higher value generation potential for shareholders.
According to Petrobras, the transaction is valued at $450 million. The payment structure includes $50 million upon signing, $350 million at closing (subject to adjustments based on results since July 1, 2025), and two deferred installments of $25 million each to be paid 12 and 24 months after closing. The amounts will be adjusted for discounts related to economic results obtained by the asset since July 1, 2025.
The completion of this operation depends on meeting certain conditions outlined in the purchase agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The Tartaruga Verde field and Espadarte Module III are situated in the southern portion of the Campos Basin at water depths ranging from approximately 700 to 1,620 meters. Both assets are operated by Petrobras using the FPSO Cidade de Campos dos Goytacazes vessel, with current production around 55 thousand barrels of oil per day.
Looking ahead, Petrobras expects that regaining full control over these fields will reinforce its strategy focused on disciplined capital allocation while maintaining economic resilience.
