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Brazilian state-owned energy giant Petrobras has signed on the dotted line to buy out Petronas Petróleo Brasil Ltda. (PPBL), a subsidiary of Malaysia’s energy giant Petronas, and secure sole ownership of two assets in the Campos Basin off the coast of Brazil.
With the intention of restoring 100% interest in the Tartaruga Verde field and Module III of the Espadarte field, Petrobras has inked deals for the acquisition of Petronas’ 50% interests in these assets. Upon completion, the Brazilian player will once again be the sole owner and operator of the fields.
The transaction is valued at $450 million, of which $50 million is paid on signing; $350 million upon closing, subject to adjustments related to the effective date of the transaction on July 1, 2025; and two deferred installments, in the amount of up to $25 million each, to be paid 12 and 24 months after closing, respectively.
The amounts to be disbursed by Petrobras will be adjusted for deductions concerning the economic results of the asset since July 1, 2025. The completion of the acquisition is subject to the fulfillment of precedent conditions outlined in the purchase and sale agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The Tartaruga Verde field and Module III of Espadarte are located in the southern portion of the Campos Basin, in water depths ranging from approximately 700 to 1,620 meters. The assets’ production goes through the FPSO Cidade de Campos dos Goytacazes , with a current output of around 55,000 barrels of oil per day.
Petrobras is working to augment its oil and gas production in Brazil, as illustrated by multiple rig extension deals the firm recently awarded to various players and the contract to Subsea7 for work on a field development project in the Santos Basin.