Petrobras, as a partner and operator of the Tartaruga Verde and Espadarte – Module III fields, located in the Campos Basin, has expressed its right of first refusal to acquire from Petronas its 50% stake in the assets. After the completion of the transaction, Petrobras will once again hold 100% ownership of the assets, remaining as operator.
The purchase and sale agreement will be signed shortly. The transaction value is US$450 million, comprised of (a) US$50 million to be paid on the signing date ; (b) US$350 million upon closing , subject to adjustments related to the effective date of the transaction (July 1, 2025); and (c) two deferred installments of US$25 million each, to be paid 12 and 24 months after closing, respectively.
It should be noted that the amounts to be disbursed by Petrobras will be adjusted for discounts related to the economic results obtained by the asset since July 1, 2025.
The acquisition presents attractive economic and financial conditions, adds decisional flexibility in the company's portfolio management, and is in line with its Business Plan, reinforcing the strategic direction focused on the oil and gas segment, with discipline in capital allocation, economic and environmental resilience, risk mitigation, and prioritization of assets with greater potential to generate value for shareholders.
The completion of the transaction is subject to the fulfillment of precedent conditions stipulated in the purchase and sale agreement, including approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
About the fields
The Tartaruga Verde field and Espadarte Module III are located in the southern portion of the Campos Basin, in water depths between approximately 700 and 1,620 meters. The assets are operated by Petrobras through the FPSO Cidade de Campos dos Goytacazes, with current production of approximately 55,000 barrels of oil per day.
Source: Petrobras
