Brazilian state-controlled oil company Petrobras announced on Monday that it has decided to exercise its contractual right to purchase Malaysian oil giant Petroliam Nasional Bhd’s (PETRONAS) 50% stake in two offshore fields in Brazil for US$450 million (approximately RM1.76 billion), according to a filing with the securities regulator.
The acquisition will give Petrobras full ownership of the Tartaruga Verde field and Module III of the Espadarte field, both located in the prolific Campos Basin. Together, these assets produce an average of 55,000 barrels of oil per day. By acquiring full control, Petrobras will also be able to integrate existing wells in the Tartaruga Verde field with its newly acquired assets, according to sources cited by Reuters.
The move comes after Petrobras made a significant discovery in November at the nearby Sudoeste de Tartaruga Verde block, which the company’s head of exploration and production, Sylvia Anjos, described as “marvelous.”
Earlier in January, Brazilian oil company Brava had announced an agreement to purchase PETRONAS’ stakes as part of its long-term expansion strategy. However, Petrobras ultimately decided to exercise its option to acquire the assets directly. Brava and PETRONAS did not immediately respond to requests for comment regarding the change in plans.
This acquisition strengthens Petrobras’ presence in the Campos Basin and aligns with its strategy to consolidate high-potential offshore assets under full ownership, allowing for greater operational control and potential synergies with existing production.
