Petrobras Buys Back Petronas Stake in Two Brazil Offshore Fields
April 10, 2026
Petrobras has signed agreements with Petronas Petróleo Brasil to acquire the remaining 50% stakes in the Tartaruga Verde and Espadarte Module III fields offshore Brazil.
The fields are located in the Campos Basin, where Petrobras will regain full ownership and continue as operator following completion of the transaction.
The assets are operated by Petrobras through the Cidade de Campos dos Goytacazes FPSO, with production of approximately 55,000 barrels of oil per day.
The deal is valued at $450 million, including $50 million payable at signing, $350 million due at closing and up to $50 million in deferred payments linked to future milestones.
Petrobras said the final amounts will be adjusted to reflect economic results generated by the assets since July 1, 2025, the effective date of the transaction.
Completion of the deal remains subject to customary conditions, including approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels.
The transaction follows a prior announcement in March and is part of Petrobras’ strategy to consolidate its position in core offshore assets.
