Petrobras to Spend $450M for Full Control of Campos Basin Fields
Petrobras exercised its first refusal right to buy Petronas’s 50% stake in the Tartaruga Verde and Espadarte III Campos Basin fields for $450 million, paying $50 million at signing and $350 million later. The assets produce about 55,000 barrels per day via the FPSO Cidade de Campos dos Goytacazes, restoring full Petrobras ownership.
1. Acquisition Background
Petrobras exercised its contractual right to acquire the 50% stake held by Petronas in the Tartaruga Verde and Espadarte Module III developments in the Campos Basin, aiming to consolidate its ownership and operational control over these deepwater assets.
2. Financial Structure
The $450 million transaction is structured through staged payments: $50 million at signing, $350 million at closing and two deferred installments of $25 million each at 12 and 24 months post-completion, with adjustments based on asset performance since July 1, 2025.
3. Asset Profile
Tartaruga Verde and Espadarte Module III currently produce approximately 55,000 barrels per day, processed through the FPSO Cidade de Campos dos Goytacazes in water depths of 700 to 1,620 meters, reflecting mature deepwater operations.
4. Strategic Implications
Full ownership allows Petrobras to streamline operations, optimize production efficiency and extend field life under its broader strategy to focus capital on high-margin offshore assets while divesting non-core holdings.