Equinor to farm out 50% stake in Itaimbezinho block offshore Brazil
Equinor Brasil Energia Ltda. has agreed to farm out a 50% interest in the Itaimbezinho exploration block in Brazil’s offshore Campos basin to Petróleo Brasileiro SA (Petrobras).
Equinor was awarded a 100% stake in the block during Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) 3rd Cycle pre-salt bidding round in 2025. Upon completion of the deal with Petrobras, Equinor will retain a 50% interest and remain operator, while Pré-Sal Petróleo SA (PPSA) will continue as manager of the production-sharing contract.
The agreement builds on Equinor and Petrobras’ broader partnership in the basin. The companies jointly acquired the Jaspe exploration block in the same bidding round, with Petrobras as operator (60%) and Equinor holding 40%. The companies also partner on the Raia natural gas project, where Equinor, as operator, began a 6-well drilling campaign in March.
Completion of the transaction remains subject to customary regulatory and governmental approvals.
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Mikaila Adams
Managing Editor, Content Strategist
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.