Petrobras to Buy Half of Itaimbezinho Pre-Salt Block From Equinor

The move aims to rebuild Petrobras’s reserves through targeted exploration partnerships and remains subject to approval by Brazil’s ANP and Cade.

Overview

Petrobras signed an agreement on Wednesday, June 10, 2026, to acquire 50% of the Itaimbezinho exploratory block from Equinor, creating a 50/50 consortium with Equinor as operator.
The block is in the pre-salt polygon of the Campos Basin about 190 km off Rio de Janeiro and is still exploratory, meaning it does not yet produce oil.
Pré-Sal Petróleo (PPSA) will manage the production‑sharing contract for Itaimbezinho and the transaction’s completion depends on regulatory clearances from the ANP and the competition authority Cade.
Neither company disclosed the financial terms of the sale, and both stressed the deal will deepen operational ties already used on nearby projects such as the Raia gas project and the Jaspe exploratory license.
The block was won by Equinor at an ANP offer in October 2025 with a 6.95% surplus offer, and observers should watch for regulatory decisions and any revealed commercial terms because those will determine how quickly exploration work and reserve additions proceed.