Petrobras to Take Back Petronas Co-Projects in Campos Basin

Petróleo Brasileiro SA (Petrobras) said it has signed a deal with Petroliam Nasional Bhd (Petronas) exercising its pre-emptive rights for the Tartaruga Verde field and Module 3 of the Espadarte field, both in the Campos basin offshore Brazil.

State-owned Petrobras will assume full ownership by acquiring Malaysian counterpart Petronas' 50 percent stakes for $450 million, Petrobras said in an online statement.

The assets produce about 55,000 barrels of oil per day through floating production, storage and offloading vessel Cidade de Campos dos Goytacazes, according to operator Petrobras.

The fields are in the southern portion of the Campos basin in waters about 700-1,620 meters (2,296.59-5,314.96 feet) deep, according to Petrobras.

The transaction needs approval from the South American country's National Agency of Petroleum, Natural Gas and Biofuels, the statement said.

"The acquisition presents attractive economic and financial conditions, adds decision-making flexibility in the company's portfolio management and is in line with its business plan, reinforcing the strategic direction focused on the oil and gas segment, with discipline in capital allocation, economic and environmental resilience, risk mitigation and prioritization of assets with greater potential to generate value for shareholders", Petrobras said March 16 in its initial announcement of the agreement.

Petronas earlier affirmed Brazil would remain "an important market" to the company while committing to "discipline" in pursuing international growth.

"[W]e regularly review our investments to strengthen resilience and drive long-term value creation, including in Brazil", Petronas said in an online statement August 6, 2025. "Such reviews ensure continued alignment with our growth strategy, as our focus remains on maintaining a robust and sustainable portfolio".

"In addition to upstream operations, we operate a floating production and storage offloading through MISC while AET supports offshore production through a fleet of 13 dynamic positioning shuttle tankers", Petronas added at the time.

"Our lubricants business in Brazil is a hub that supplies to more than 20 countries across Latin America and the Caribbean. Recently, Petronas expanded into the downstream retail segment, with 30 branded fuel stations currently operating in the country".

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