Petrobras signed agreements to regain full control of the Tartaruga Verde and Espadarte Module III fields, in an operation valued at $450 million. The transaction marks a new strategic move in the Campos Basin, one of Brazil’s main oil-producing regions.
Details of the Tartaruga Verde and Espadarte Acquisition
Specifically, the Brazilian company agreed to purchase the remaining 50% stake held by Petronas Petróleo Brasil Ltda. With this operation, Petrobras once again owns 100% of both assets and maintains its role as operator.
The agreement includes an initial payment of $50 million upon signing. Subsequently, $350 million will be paid at the closing of the transaction, subject to adjustments linked to the effective date set for July 2025.
Additionally, the contract includes two deferred payments of up to $25 million each, scheduled for 12 and 24 months after closing. These amounts will be conditional on the economic performance of the fields during that period.
The completion of the operation will depend on the approval of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), in addition to compliance with the usual conditions for this type of agreement.
A Strategic Move in the Campos Basin
The repurchase strengthens Petrobras’ position in the Brazilian upstream segment. By consolidating full ownership, the company gains greater control over operational decisions, investments, and financial results associated with these offshore assets.
This type of operation responds to a strategy focused on optimizing portfolios and maximizing efficiency in fields with consolidated production. The Campos Basin continues to be a key axis within the country’s productive system.
Production and Technical Characteristics of the Fields
The Tartaruga Verde and Espadarte – Module III fields are located in the southern portion of the Campos Basin, at depths ranging from 700 to 1,620 meters.
Currently, joint production reaches approximately 55,000 barrels of oil per day. Operations are carried out through the FPSO Cidade de Campos dos Goytacazes, a floating production, storage, and offloading unit.
Likewise, continued operation under full control will allow Petrobras to optimize the performance of these deepwater assets, a segment where the company maintains global technical leadership.
Source and photo: Petrobras