Petrobras Reacquires Full Ownership of Campos Basin Fields from Petronas for $450 Million

Petrobras confirmed the acquisition of Petronas’ 50 percent stake in the Tartaruga Verde and Espadarte Module III fields, offshore Brazil’s Southeast coast, for $450 million. This purchase restores Petrobras as sole owner and operator of the assets, which produce about 55,000 barrels of oil per day via the FPSO Cidade de Campos dos Goytacazes, situated in water depths ranging between 700 and 1,620 meters. The deal followed Petrobras’ decision to exercise its right of first refusal, overriding a January agreement between Petronas and Brava Energia, a recent independent operator formed by the merger of 3R Petroleum and Enauta, which sought to expand its production portfolio. Brava Energia terminated its purchase agreement and will be reimbursed following Petrobras’ move.

Structured payments include an initial $50 million at contract signing, $350 million at closing subject to adjustments linked to a July 1, 2025 effective date, and two $25 million installments payable 12 and 24 months post-closing. The transaction remains subject to regulatory approvals from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the competition authority CADE.

This reacquisition signals Petrobras’ shift from the disinvestment strategy prevalent under previous administrations, reflecting the current management’s emphasis on maximizing value from existing producing assets. It enhances Petrobras’ ability to optimize field operations, including connecting additional wells in light of recent exploration successes in the nearby Sudoeste de Tartaruga Verde area, declared promising in late 2025. The move also occurs as Brent crude prices surpassed $100 per barrel, influenced by geopolitical tensions impacting global oil supply routes. For Petronas, divestment is part of a broader portfolio rationalization focusing on higher-growth investments, while Brava Energia faces a setback in its projected production growth. Overall, Petrobras strengthens its deepwater portfolio and operational control in a strategically significant Brazilian offshore basin.