Petrobras announced its decision to exercise the right of first refusal to acquire the 50% stake still held by Petronas Petróleo Brasil Ltda. in the offshore fields Tartaruga Verde and Espadarte – Module III, located in the Campos Basin.
A Transaction Valued at $450 Million
The total value of the transaction amounts to $450 million, distributed across several installments:
- $50 million will be paid at the signing of the purchase and sale agreement
- $350 million at the closing of the transaction
- Two deferred installments of $25 million each will be executed at 12 and 24 months after closing
All payments will be subject to adjustments linked to economic results from July 1, 2025, the effective date of the transaction. Petrobras emphasized that this acquisition is considered financially attractive and aligned with its strategic plan, which prioritizes investments in assets with greater return potential and under its operational control.
Production in Key Fields Operated by FPSO
The Tartaruga Verde and Espadarte – Module III fields are located in the southern Campos Basin, at water depths between 700 and 1,620 meters, and their production is currently carried out through the FPSO Cidade de Campos dos Goytacazes, with an output of approximately 55,000 barrels of oil per day.
This infrastructure represents a key asset in Petrobras’ offshore value chain, which maintains a strong commitment to deepwater development as a pillar of its business model.
What Is the Significance of This Move?
The move responds to Petrobras’ strategy of maintaining capital allocation discipline, strengthening its economic and environmental resilience, and focusing its portfolio on projects with higher profitability. Regaining full control of these fields provides operational flexibility, enables risk mitigation, and increases value generation capacity for shareholders.
Regulatory Approvals Underway
Completion of the agreement is subject to fulfillment of conditions stipulated in the contract, including approval from the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Once these stages are completed, Petrobras will fully consolidate its control over these key fields in its upstream portfolio.
Source: Petrobras