Wheels up for Petrobras to become sole owner of Brazilian offshore fields

March 17, 2026, by Melisa Cavcic

Brazilian state-owned energy giant Petrobras has taken steps to consolidate its ownership in two assets in the Campos Basin by acquiring interests Petronas Petróleo Brasil Ltda. (PPBL), a subsidiary of Malaysia’s energy giant Petronas, holds in the fields off the coast of Brazil.

FPSO Cidade de Campos dos Goytacazes; Source: MODEC

Two months after Brava Energia sealed the deal to buy 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, Petrobras, as partner and operator of the two assets, notified the seller of its decision to exercise its preemptive right to acquire the stakes being sold.

Upon completion of the transaction, the Brazilian giant will once again hold a 100% interest in the assets, remaining as operator. The signing of the purchase and sale agreement is expected to take place soon. The completion of the transaction is subject to the fulfillment of precedent conditions set forth in the purchase and sale agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The transaction value is $450 million, of which $50 million will be paid on the signing date and $350 million upon closing, subject to adjustments related to the effective date of the transaction; and two deferred installments of $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 related to the economic results obtained by the asset since July 1, 2025.

The Brazilian firm underlined: “The acquisition presents attractive economic and financial conditions, adds decision-making flexibility to the company’s portfolio management, and is in line with its Business Plan, reinforcing the strategic focus on the oil and gas segment, with disciplined capital allocation, economic and environmental resilience, risk mitigation, and prioritization of assets with greater value generation potential for shareholders.”

Brazilian oil keeps flowing as Campos Basin’s second-largest FPSO hits six-year mark

Exploration & Production

The Tartaruga Verde field and Module III of Espadarte are situated in the southern portion of the Campos Basin in water depths ranging from approximately 700 to 1,620 meters. The assets produce hydrocarbons through the FPSO Cidade de Campos dos Goytacazes, with current production of around 55,000 barrels of oil per day.

The unit currently comprises 14 producing wells, of which 11 are associated with the Tartaruga Verde field and three with Espadarte Module III.