European Investor
11 Apr 2026, 17:39
Petrobras has signed an agreement with Petronas Petróleo Brasil Ltda. to acquire the remaining 50% stakes in the Tartaruga Verde and Espadarte Module III fields, restoring full ownership.
The $450 million transaction includes an upfront payment of $50 million, $350 million at closing, and up to $50 million in deferred payments tied to future milestones. Upon completion, Petrobras will hold 100% interest in the assets and continue as operator.
The deal is subject to regulatory approval from Brazil’s National Petroleum Agency and aligns with Petrobras’ strategy to consolidate control over key offshore assets in the Campos Basin.
The $450 million transaction includes an upfront payment of $50 million, $350 million at closing, and up to $50 million in deferred payments tied to future milestones. Upon completion, Petrobras will hold 100% interest in the assets and continue as operator.
The deal is subject to regulatory approval from Brazil’s National Petroleum Agency and aligns with Petrobras’ strategy to consolidate control over key offshore assets in the Campos Basin.
