Petrobras has entered into an agreement with Petronas's Brazilian subsidiary to acquire its remaining 50% stake in the Tartaruga Verde and Espadarte Module III offshore oil fields in Brazil.

The fields are situated in the Campos Basin. Following the completion of the transaction, Petrobras will regain full ownership and continue to act as the operator.

These assets are operated by Petrobras using the Cidade de Campos dos Goytacazes FPSO (Floating Production, Storage, and Offloading) unit, with a current production of approximately 55,000 barrels of oil per day.

The transaction is valued at $450 million, which includes a $50 million payment made at signing, $350 million due upon closing, and a deferred payment of up to $50 million contingent on the achievement of future milestones.

Petrobras indicated that the final payment amount will be subject to adjustments reflecting the economic performance of these assets since July 1, 2025, the effective date of the transaction.

The completion of the deal remains subject to standard conditions, including approval from the Brazilian National Agency of Petroleum, Natural Gas, and Biofuels.

This acquisition, following a related announcement in March, is part of Petrobras's strategy to strengthen its position in its core offshore assets.