Petrobras aims for additional ownership in defined portion of Campos basin

Petróleo Brasileiro SA (Petrobras) has agreed to acquire 100% of a defined portion of the Argonauta field associated with the shared Jubarte reservoir in Brazil’s Campos basin from Shell Brasil Petróleo Ltda., ONGC Campos Ltda., and Brava Energia (formerly Enauta Petróleo e Gás Ltda.).

The transaction involves assets within the BC‑10 concession linked to Petrobras’ existing unitization agreement for the presalt Jubarte reservoir, which has been in effect since Aug. 1, 2025. The acquired Argonauta portion represents a 0.86% interest in the Jubarte shared reservoir under the unitization agreement.

Total consideration will be R$700 million and US$150 million, to be paid in three installments: R$100 million at closing; R$600 million on Jan. 15, 2027, or at closing, whichever occurs later; and US$150 million 2 years after closing.

Following completion of the transaction, Petrobras will increase its interest in the Jubarte shared reservoir to 98.11%. The Brazilian federal government, represented by Pré‑Sal Petróleo SA (PPSA), will retain its 1.89% interest related to the extension of the reservoir into non‑contracted areas.

Petrobras said the transaction will also simplify shared‑asset management. Upon closing, the negotiation process for equalization will be concluded, along with any remaining discussions related to unitization or production balancing between the Jubarte reservoir and the acquired Argonauta area.

According to Petrobras, the acquisition offers attractive economic and financial terms and is aligned with the company’s strategy to strengthen and streamline its operations in the Campos basin.

The transaction is subject to customary closing conditions, including approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the Administrative Council for Economic Defense (CADE).

Parque das Baleias

The Jubarte shared reservoir is operated by Petrobras as part of the Parque das Baleias development in the northern Campos basin, in water depths of 1,220–1,400 m. Jubarte is the principal field in the complex, which also includes production from the P‑57 and P‑58 platforms, the FPSO Cidade de Anchieta, and the FPSO Maria Quitéria. Current production from the area totals about 210,000 b/d of oil.