- Petrobras will pay $450 million to acquire Petronas' 50% stake in the fields.
- Payment includes $50 million at signing, $350 million at closing, and two $25 million deferred installments.
- The transaction's effective date is 07/01/2025.
- Completion requires approval from the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
Transaction Overview
Petrobras has decided to exercise its right of preference to acquire a 50% stake in the Tartaruga Verde and Espadarte – Module III fields from Petronas Petróleo Brasil Ltda. This acquisition will restore Petrobras' full ownership of these assets, maintaining its role as the operator.
Financial Details
The transaction is valued at $450 million. The payment structure includes $50 million due at the signing of the agreement, $350 million at the closing of the operation, and two deferred installments of $25 million each, payable 12 and 24 months after closing. The amounts will be adjusted based on the economic results of the assets from the effective date of 07/01/2025.
Regulatory Approval
Completion of the acquisition is contingent upon meeting certain conditions outlined in the purchase and sale agreement, including approval from the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
Field Details
The Tartaruga Verde field and Module III of Espadarte are situated in the southern part of the Campos Basin, at water depths ranging from approximately 700 to 1,620 meters. These assets are currently operated by Petrobras through the FPSO Cidade de Campos dos Goytacazes, with a production rate of about 55,000 barrels of oil per day.
