State-owned company will exercise preference and assume 100% interest in the Tartaruga Verde and Module 3 Espadarte fields
A reported on this 3ª fair (March 17, 2026) that decided to exercise its preemptive right to acquire Petronas’ 50% stake in the Tartaruga Verde and Module 3 Espadarte fields, located in the Campos Basin, in Rio de Janeiro (RJ). With the operation, the Brazilian state-owned company will once again hold 100% of the assets, remaining as operator.
The total transaction value is US$450 million. Payment will be divided into stages: US$50 million at contract signing, US$350 million at closing and another US$50 million in two deferred installments. The values may still be adjusted according to the economic performance of the assets since July 2025.
The conclusion of the deal depends on the fulfillment of conditions set out in the contract, including approval of the (National Agency for Petroleum, Natural Gas and Biofuels).
The fields are operating in deep waters, with water depths of 700 to 1,620 meters, and produce around 55,000 barrels of oil per day. Production is carried out through the FPSO Cidade de Campos dos Goytacazes.
According to Petrobras, the acquisition has “attractive economic and financial conditions” and is aligned with the company’s business plan, which prioritizes assets with greater value generation and lower operational risk. The buyback also increases the company’s flexibility in managing its exploration and production portfolio.
The move comes at a time when the state-owned company seeks to reinforce its operations in the oil exploration and production segment, considered strategic, at the same time that foreign companies have been reviewing their positions in assets in Brazil.
