Petrobras announced the acquisition of the 50% stake held by Petronas in the Tartaruga Verde and Espadarte fields, located in the Campos Basin, for US$450 million. As a result, the company will hold 100% ownership of the assets and remain the operator.
The deal effectively represents a buyback. In 2019, Petrobras sold the same stake to Petronas for approximately US$1.29 billion. By reacquiring it at a lower price, the company secures a more capital-efficient position while regaining full control of the fields.
The move also affects Brava Energia, which had been in negotiations to acquire the assets. Following the announcement, the company confirmed it has terminated talks with Petronas and stated it will be reimbursed for any amounts previously paid, with no financial loss.
The fields currently produce around 55,000 barrels of oil per day and are tied back to an FPSO. With full ownership, Petrobras will be able to optimize existing infrastructure, connect additional wells, and potentially increase production.
According to the company, the acquisition aligns with its strategy of focusing investments on higher-return assets and strengthening its position in the oil and gas sector.