Brazilian state-owned energy giant Petrobras has decided to join Equinor Brasil Energia, a subsidiary of Norway’s state-owned energy giant Equinor, in an offshore block located in the Campos Basin off the coast of Brazil.
Petrobras has entered into an agreement with Equinor for the acquisition of a 50% interest in the Itaimbezinho block within the offshore area of the Campos Basin to maximize synergies in a region where the company is already developing neighboring assets, also in partnership with the same company, such as the Raia project and the Jaspe exploration license.
The Brazilian giant emphasized: “This transaction reinforces the importance and relevance of exploration activities in Brazil and is aligned with the company’s long‑term strategy, aimed at replenishing oil and gas reserves through the exploration of new frontiers and operating in partnership.”
Upon completion of the transaction, the consortium for the Itaimbezinho block will be composed of Equinor (operator, 50%), Petrobras (50%), and Pré-Sal Petróleo S.A. (PPSA), as the manager of the production sharing contract (PSC).
The assignment process will be submitted to Brazil’s Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The completion of the transaction is subject to the fulfillment of precedent conditions, including the applicable governmental and regulatory approvals.
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Meanwhile, Petrobras recently approved two oil and gas developments in Brazil’s Sergipe Alagoas Basin and tapped SBM Offshore to provide two floating production, storage, and offloading (FPSO) units for these projects.