Brava Energia snaps up Petronas’ stakes in two Brazilian fields for $450 million

January 19, 2026, by Melisa Cavcic

Brazilian oil and gas player Brava Energia has set the wheels in motion to expand its footprint in the Campos Basin by acquiring interests Petronas Petróleo Brasil Ltda. (PPBL), a subsidiary of Malaysia’s energy giant Petronas, holds in two fields off the coast of Brazil.

FPSO Cidade de Campos dos Goytacazes; Source: MODEC

Brava Energia agreed on January 15, 2026, to acquire the entire 50% equity interest currently held by Petronas in the Tartaruga Verde field within the BM-C-36 concession and in Module III of the Espadarte field in the Campos Basin, State of Rio de Janeiro.

With a total value of $450 million, the purchase price consists of $50 million paid on the signing date, $350 million to be paid at the closing, an amount subject to adjustments related to the effective date of the transaction of July 1, 2025, and two deferred payments of $25 million within 12 and 24 months after the closing of the acquisition.

The completion of the transaction is subject to the usual fulfillment of precedent conditions, such as the approval of the Brazilian Antitrust Authority (CADE), the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), and the operator’s waiver of its pre-emption rights.

If all precedent conditions are satisfied, the acquisition is expected to be closed in 2026. The transaction is perceived to be aligned with Brava’s strategy of continuous portfolio review and its commitment to seek risk-adjusted returns, asset diversification, and efficiency in capital allocation.

The firm will continue to evaluate strategic portfolio review opportunities, maintaining its commitment to long-term value creation. Situated in the southern portion of the Campos Basin, the Tartaruga Verde field and Espadarte Module III lie in water depths ranging from approximately 700 to 1,620 meters, with reservoirs at depths of around 3,000 meters.

These assets are currently operated by Petrobras, which holds a 50% equity interest. The hydrocarbons flow through the FPSO Cidade de Campos dos Goytacazes, which has been in operation since 2018. The unit currently comprises 14 producing wells, of which 11 are associated with the Tartaruga Verde field and three with Espadarte Module III.

The average production of the assets was approximately 55,600 barrels of oil equivalent per day in 2025, consisting predominantly of oil, with a residual portion of natural gas, transported through the Enchova gas pipeline to the Cabiúnas terminal. The concessions are valid through 2039, based on the contracts currently in force.

This acquisition comes months after Brava Energia increased the output from the Atlanta field in Brazil with the connection of two wells, which were previously producing through the FPSO Petrojarl I.