Petrobras acquires 50% of Itaimbezinho exploratory block in Campos Basin
- Petrobras will acquire 50% participation in the Itaimbezinho offshore block in the Campos Basin.
- Equinor, the current 100% holder, will become operator with a 50% stake after the transaction.
- Pré‑Sal Petróleo S.A. (PPSA) will act as manager of the Production Sharing Contract.
- Completion is conditioned on CADE and ANP approvals and other precedent conditions and followed Petrobras' internal governance and 2026–2030 plan.
Deal overview
Petrobras agreed to acquire 50% participation in the Itaimbezinho exploratory block, offshore in the Campos Basin, from Equinor Brasil Energia Ltda. The transaction transfers half of the block’s interest to Petrobras while keeping exploration activity in the basin.
Consortium and operations
After closing, the consortium will comprise Equinor as operator with 50%, Petrobras with 50%, and Pré‑Sal Petróleo S.A. (PPSA) as manager of the Production Sharing Contract. The partnership is intended to maximise synergies with neighbouring assets where Petrobras already operates alongside Equinor, including the Raia project and the Jaspe exploratory license.
Regulatory and governance
The assignment process will be submitted to Brazil’s competition authority (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Completion is conditioned on fulfillment of precedent conditions, including applicable governmental and regulatory approvals; the operation observed Petrobras’ internal governance procedures.
Strategic rationale
Petrobras says the operation supports exploratory activity in Brazil and aligns with its 2026–2030 Business Plan, targeting recomposition of oil and gas reserves through exploration of new frontiers and partnership actions.
Source: Petrobras