Petrobras has signed definitive agreements to buy Petronas’ remaining 50% interest in the Tartaruga Verde and Espadarte Module III fields for a total of $450 million, comprising $50 million at signing, $350 million at closing and up to $50 million in deferred, performance-based payments. The final payment amounts will be adjusted for field performance since July 2025 and the transaction is subject to approval by Brazil’s ANP.

Both deepwater fields, located in 700–1,620 meter water depths in the Campos Basin, currently yield approximately 55,000 barrels per day via the FPSO Cidade de Campos dos Goytacazes. By consolidating 100% ownership and operatorship, Petrobras gains complete operational control over drilling schedules, maintenance and production optimization.

The acquisition aligns with Petrobras’ strategy to concentrate equity and operatorship in high-margin offshore assets, reversing earlier divestments aimed at debt reduction. Full control is expected to enhance cash flow capture and operational flexibility at a time of supportive oil prices, while reflecting a broader trend of national oil companies strengthening upstream positions.