Petrobras has signed an agreement with Equinor to acquire a 50% stake in the Itaimbezinho offshore exploration block in Brazil’s Campos Basin, strengthening an existing partnership in one of the country’s key oil-producing regions.
The deal, announced in a June 10 release, expands collaboration between the two companies in an area where they already jointly develop assets, including the Raia project and the Jaspe exploration license.
“Currently, Equinor holds 100% ownership of the Itaimbezinho block. Following completion of the transaction, the consortium will consist of Equinor (operator, 50%), Petrobras (50%), and Pré-Sal Petróleo S.A. (PPSA), acting as manager of the Production Sharing Contract,” Petrobras disclosed.
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The transfer will undergo regulatory approvals from the Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum (ANP) before completion.
Petrobras said the acquisition aligns with its strategy to replenish reserves through exploration and partnerships, in line with its 2026–2030 business plan.
“The transaction reinforces the importance and relevance of exploration activities in Brazil and aligns with the company’s long-term strategy to replenish oil and gas reserves through exploration of new frontiers and partnership-based operations,” the company said.
Petrobras operates extensively in Brazil’s offshore oil sector, with major activities concentrated in the Campos Basin, one of the country’s most mature deepwater producing regions.
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The basin includes a mix of legacy and pre-salt assets that continue to support Brazil’s national oil output and ongoing exploration efforts.
