Petrobras plans to acquire full ownership of certain Campos basin fields

Petrobras plans to exercise a first right of refusal with to acquire a 50% stake in its operated Tartaruaga Verde and Espadarte – Module II fields in Campos basin offshore Brazil from Petronas Petróleo Brasil Ltda.

The deep-water assets lie in the southern portion of the basin in water depths of 700-1,620 m. The assets are operated by Petrobras through the FPSO Cidade de Campos dos Goytacazes, with current production of about 55,000 b/d of oil.

The operator, in a press release Mar. 16, said a purchase and sale agreement for the transaction—estimated at $450—would be signed shortly.

Completion of the transaction, which is subject to conditions including approval by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), would give Petrobras 100% ownership of the assets.

Petronas had acquired interest in Tartaruga Verde producing field (BM-C-36 Concession) and Module III of the Espadarte field (Espadarte Concession) from Petrobras in 2019.