- Petrobras signed to acquire Petronas' 50% stakes in Tartaruga Verde and Espadarte Module III, regaining 100% ownership and retaining operatorship
- Deal totals US$450 million: US$50M at signing, US$350M at closing adjusted to effective date 01/07/2025, plus two deferred instalments up to US$25M each at 12 and 24 months, with payments adjusted for asset economic results since 01/07/2025
- Completion is subject to precedent conditions including ANP approval; fields are in the southern Campos Basin (700-1,620 m water depth), operated via FPSO Cidade de Campos dos Goytacazes with ~55,000 b/d production
Transaction summary
Petrobras signed contracts with Petronas Petróleo Brasil to acquire its 50% interests in the Tartaruga Verde and Espadarte Module III fields in the Campos Basin, regaining 100% ownership and remaining operator.
Financial terms
The deal totals US$450 million: US$50 million paid at signing; US$350 million at closing, subject to adjustments tied to the effective transaction date 01/07/2025; plus two deferred installments of up to US$25 million each payable 12 and 24 months after closing, with payments adjusted for the asset's economic results since 01/07/2025.
Conditions and assets
Completion depends on precedent conditions in the purchase and sale agreement, including approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP); the fields are in 700–1,620 m water depths and are produced via FPSO Cidade de Campos dos Goytacazes at about 55,000 barrels of oil per day.
