Petrobras to Acquire Petronas’s 50% Campos Basin Stakes for $450m
Petrobras will pay $450m to acquire Petronas’s 50% stakes in the Tartaruga Verde and Espadarte Module III fields, giving it 100% ownership of assets producing 55,000 barrels per day via an FPSO vessel. The purchase features $50m at signing, $350m on closing and two $25m payments with price adjustments.
1. Transaction Details
Petrobras has exercised its pre-emptive right to purchase Petronas’s 50% interests in the Tartaruga Verde and Espadarte Module III fields in Brazil’s Campos Basin for $450m (2.35bn reais), restoring full ownership and operational control of these deepwater assets.
2. Payment Schedule
The agreement stipulates an initial $50m payment at signing, $350m upon closing—with adjustments tied to an effective date of July 1, 2025—and two further $25m installments at 12 and 24 months post-closing, reflecting economic outcomes since July 2025.
3. Operational Profile
These southern Campos Basin fields operate at water depths of 700 to 1,620 metres using the FPSO Cidade de Campos dos Goytacazes, together yielding approximately 55,000 barrels of oil per day under Petrobras’s management.
4. Strategic Implications
The acquisition aligns with Petrobras’s disciplined capital allocation business plan, enhancing strategic management flexibility; completion awaits regulatory approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels.