Petrobras said on 16 March that it would exercise its pre-emptive right to buy Petronas's 50% interests in the Tartaruga Verde and Espadarte Module III fields in the Campos Basin for $450m.
Why Petróleo Brasileiro S.A. (Petrobras) is buying Petronas's 50% stakes in Tartaruga Verde and Espadarte Module III
Petrobras said the purchase offered attractive economic and financial terms, gave it more flexibility in managing its portfolio and fitted its business plan's focus on oil and gas assets with the highest value potential. As operator of both fields, it will again hold 100% of them.
Deal terms and financing
Of the $450m, $50m is payable at signing and $350m at closing, adjusted to an effective date of 1 July 2025, with two further instalments of up to $25m each due 12 and 24 months after closing. The amounts will be reduced to reflect the economic results the assets have generated since July 2025.
Regulatory approvals and timing
Petrobras signed the purchase and sale contracts with Petronas on 9 April 2026. Brazil's antitrust authority Cade approved the transaction on 13 May 2026, noting that Petrobras already held half of both concessions. Completion still requires approval from the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and other conditions precedent.
Market context
The fields lie in the southern Campos Basin in water depths of roughly 700 to 1,600 metres and produce through the FPSO Cidade de Campos dos Goytacazes. Petronas had agreed in January 2026 to sell the same stakes to Brava Energia on similar terms; Brava ended its negotiations after Petrobras's move and said it would be reimbursed the amount it had paid at signing.
