Petroleo Brasileiro (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount.

Upon completion, the consortium will comprise Equinor as operator with a 50% stake, Petrobras with 50%, and Pre-Sal Petroleo as manager of the production-sharing contract. Closing is subject to regulatory approvals, Petrobras said Wednesday in a statement.

The partnership builds on Petrobras' existing joint developments with Equinor in the basin, including the Raia project and the Jaspe exploration license.

Petrobras shares rose 2.6% in Wednesday trading, and Equinor gained 2.7%.

Price: 18.28, Change: +0.45, Percent Change: +2.55