March 17, 2026
FPSO Cidade de Campos
(WO) – Petrobras has exercised its preemptive right to acquire Petronas’ 50% stake in the Tartaruga Verde field and the Espadarte Module III development in Brazil’s Campos basin, a move that will restore the company’s full ownership of the assets.
The transaction is valued at $450 million, with payments structured across signing, closing and deferred installments. Completion remains subject to regulatory approval from Brazil’s ANP.
The fields are located in water depths ranging from about 700 to 1,620 meters and are currently producing approximately 55,000 bopd through the FPSO Cidade de Campos dos Goytacazes.
The acquisition strengthens Petrobras’ control over a key offshore hub and aligns with its strategy to prioritize high-value upstream assets while maintaining capital discipline.
