Petrobras regains control over production in two Campos basin areas
Petrobras will repurchase its 50 percent stake in the Tartaruga Verde and the Espadarte – Module III oil fields in the Campos basin, on the coast of Brazil’s Southeast. The move marks the return of the Brazilian state-owned company to full ownership of the fields, which had been sold in 2019 during the administration of Jair Bolsonaro.
The transaction will be worth USD 450 million. The seller is Petronas, Malaysia’s state-owned oil company. Petrobras’ statement on the acquisition was released Monday evening (Mar. 16).
Right of first refusal
In the deal, Petrobras exercised its right of first refusal. This means that, as a partner in the venture, the Brazilian company was able to make a bid equal to that of another company, Brava Energia – one of Brazil’s leading independent oil and gas operators, established in 2024 through the merger of 3R Petroleum and Enauta.
Fields
The Tartaruga Verde field and Module III of Espadarte are located in the southern portion of the Campos basin, at water depths ranging from 700 to 1,620 meters.
Both are already operated by Petrobras via the Cidade de Campos dos Goytacazes FPSO (floating production, storage, and offloading unit), with current production of about 55 thousand barrels of oil per day.
Attractive terms
The acquisition offers “attractive economic and financial terms and adds flexibility to decision-making in the company’s portfolio management,” Petrobras reported.
The company stated that the purchase is “in line” with its business plan, “reinforcing the strategic focus on the oil and gas segment, with disciplined capital allocation, economic and environmental resilience, risk mitigation, and the prioritization of assets with the greatest potential to generate value for shareholders.”
War and rising oil prices
The move by Petrobras comes amid rising oil prices on the international market, with Brent crude exceeding USD 100 per barrel. This price represents a 70 percent surge for the year. The reason behind the price spike is the war in Iran.
After being attacked by Israel and the US, Iran responded by blocking the Strait of Hormuz – the maritime passage connecting the Persian and Gulf of Oman, south of Iran. Twenty percent of the world’s oil and gas production passes through this strait.
