Malaysian oil and gas company Petrobras has exercised its preemptive right to acquire a 50% stake in the Tartaruga Verde field and Module III of the Espadarte field in the Campos Basin offshore Brazil, the company said in a March 16 release.
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The stakes are currently held by Petronas Petróleo Brasil Ltda.
Petrobras said it “has expressed to Petronas Petróleo Brasil Ltda., on today’s date, its decision to exercise the preemptive right to acquire the 50% stakes in the aforementioned assets currently owned by Petronas.”
Following completion, the company will fully own and operate the assets. “The value of the transaction is US$ 450 million, of which US$ 50 million will be paid on the date of signing (signing); US$ 350 million at closing… two deferred installments, in the amount of US$25 million each,” Petrobas said.
According to the company, payments will be adjusted by the discounts related to the economic results obtained by the asset since July 1, 2025.
Petrobras said the acquisition aligns with its strategy: “The acquisition presents attractive economic and financial conditions, adds decision-making flexibility in the company’s portfolio management, and is in line with its Business Plan.” It added that the transaction’s completion is subject to fulfilling certain conditions precedent, including approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The assets are located in water depths between about 700 and 1,620 meters in the southern Campos Basin.
They are currently producing about 55,000 barrels of oil per day through the FPSO Cidade de Campos dos Goytacazes.
In 2019, Petronas completed the acquisition of a 50% equity stake in the Tartaruga Verde producing field (BM-C-36 Concession) and Module III of the Espadarte field (Espadarte Concession).
