Petrobras announced on Apr. 9 that it has signed contracts with Petronas Petróleo Brasil Ltda to acquire the remaining 50% interests in the Tartaruga Verde field and Module III of the Espadarte field, both located in the Campos Basin. Following completion of this transaction, Petrobras will hold full ownership and continue as operator of these assets.
The agreement is valued at $450 million. According to Petrobras, $50 million was paid at signing, with an additional $350 million due upon closing of the operation. The closing payment is subject to adjustments based on results from July 1, 2025. Two deferred payments of up to $25 million each are scheduled for twelve and twenty-four months after closing, respectively. The final amounts will be adjusted by deducting economic results generated by the assets since July 1, 2025.
Completion of this transaction depends on meeting certain conditions outlined in the purchase agreement, including approval from Brazil’s National Agency for Petroleum, Natural Gas and Biofuels (ANP).
The Tartaruga Verde field and Module III of Espadarte are situated in the southern part of the Campos Basin at water depths ranging from approximately 700 to 1,620 meters. These fields are operated by Petrobras using the FPSO Cidade de Campos dos Goytacazes vessel and currently produce about 55 thousand barrels of oil per day.
The restoration of full ownership may provide Petrobras with greater flexibility over operations in these offshore fields as it continues its activities in deepwater oil production.
