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Petrobras to pay $450 million for full ownership of key Campos basin oil fields

Oil & Gas
March 17, 2026

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.

Oil & Gas
September 4, 2026

China Rare Earth Firms Freeze U.S. Exports Weeks Before Xi-Trump Summit

Despite having secured export licenses, some Chinese rare earth producers have stopped shipping these materials to the United States over fears of repercussions from China’s authorities, sources familiar with the…

Oil & Gas
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India Plans Mandatory Battery Storage at Solar and Wind Projects

India’s authorities plan to introduce, from July 1, 2027 a regulation requiring developers of solar and wind energy projects to have battery storage installed at the sites in a bid…