Petrobras widens its oil & gas footprint in Brazil’s Campos Basin

April 28, 2026, by Melisa Cavcic

Brazilian state-owned oil and gas giant Petrobras has taken steps to become the sole owner of a portion of the ring-fence of a field in BC-10 Concession in the Campos Basin, currently held by Shell Brasil Petróleo, a subsidiary of UK-headquartered Shell, ONGC Campos, a Brazilian arm of India’s energy giant ONGC, and Enauta Petróleo e Gás, an affiliate of Brazil’s Brava Energia.

FPSO Maria Quitéria; Source: Yinson Production

Petrobras has struck a deal to expand its presence in the Campos Basin with the acquisition of a part of the Argonauta ring-fence, with the acquired portion corresponding to the area of the Argonauta field that holds 0.86% of the shared pre-salt Jubarte reservoir, related to the unitization agreement in effect since August 1, 2025, as disclosed to the market on July 23, 2025.

The total consideration for the acquisition will be the sum of R$700 million ($140.5 million) and $150 million, with payment expected to be made in three installments: the first installment of R$100 million ($20.07 million) upon closing of the transaction; the second installment of R$600 million ($120.4 million) on January 15, 2027 or at closing, whichever occurs later; and the third installment of $150 million two years after closing.

These amounts are subject to price adjustments. Upon completion of the transaction, Petrobras will hold a 98.11% interest in the Jubarte shared reservoir, while the federal government, represented by Pré-Sal Petróleo S.A. (PPSA), will maintain its 1.89% interest related to the extension of the reservoir into non-contracted areas.

The negotiation process for equalization among Petrobras, Shell, ONGC, and Brava will be concluded, as will any ongoing or potential negotiations related to unitization of production and/or equalization of any shared reservoirs between Jubarte and the portion of the ring-fence subject to this transaction.

“The acquisition offers attractive economic and financial terms, simplifies asset management, and is aligned with Petrobras’ Business Plan, strengthening our operations in the Campos Basin and maximizing value with a focus on profitable assets,” underlined the Brazilian state-owned giant.

The closing of the transaction is subject to the satisfaction of conditions precedent outlined in the purchase and sale agreement, including approval by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the Administrative Council for Economic Defense (CADE).

The Jubarte shared reservoir is operated by Petrobras in an integrated manner with the production infrastructure of the area known as Parque das Baleias, a group of fields located in the northern portion of the Campos Basin, in water depths between approximately 1,220 and 1,400 meters, with Jubarte as its main field.

The assets’ hydrocarbon production goes through the P-57 and P-58 platforms, the FPSO Cidade de Anchieta, and the FPSO Maria Quitéria, with current production of approximately 210,000 barrels of oil per day.

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