Petrobras Exercises Right to Buy Petronas Stakes for $450 Million to Regain Full Control of Two Campos Fields

Overview

• Petrobras said it exercised its right of first refusal to purchase Petronas’ 50% interests in the Tartaruga Verde and Espadarte (Module III) fields and plans to sign the contract soon.
• The payment plan calls for $50 million at signing, $350 million at closing subject to timing adjustments, and two deferred $25 million installments at 12 and 24 months.
• The price will be adjusted for the assets’ economic results accrued since July 1, 2025, according to Petrobras.
• Completion remains contingent on conditions precedent in the sale contract, including approval by Brazil’s oil regulator ANP.
• The two Campos Basin fields produce about 55,000 barrels of oil per day via the FPSO Cidade de Campos dos Goytacazes, and Petrobras outmatched a prior deal announced by Brava by using its preemption right.