Petrobras to Purchase Petronas' Stakes in Two Offshore Fields

Source: Petrobras

Brazilian state-run firm Petrobras said on Monday it had decided to exercise its right to purchase Malaysian company Petronas' 50% stake in two offshore fields in Brazil for $450 million, according to a securities filing.

Following the deal, Petrobras will hold 100% of the Tartaruga Verde field and Module III of the Espadarte field.

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.

The acquisition would allow Petrobras to connect other wells in the Tartaruga Verde field to its new assets, a source told Reuters. Petrobras did not immediately respond to a request for comment.

Petrobras made a discovery at the nearby Sudoeste de Tartaruga Verde block in November that was deemed "marvelous" by Sylvia Anjos, the firm's head of exploration and production.

Brazilian oil company Brava in January announced a deal to buy the stakes from Petronas as part of its "long-term strategy", before Petrobras decided to exercise its option.

Brava and Petronas did not immediately reply to requests for comment about the collapse of their earlier deal.

(Reuters and staff)