By Brazil Stock Guide – Petrobras (PBR) said it will exercise its preferential rights to acquire Petronas’ 50% stake in two producing oil assets in Brazil’s Campos Basin, allowing the state-controlled company to regain full ownership of the fields.
The transaction covers the Tartaruga Verde field and the Module III area of the Espadarte field, where Petrobras already operates the assets and holds the remaining 50% stake. Once completed, Petrobras will control 100% of the projects.
The acquisition is valued at $450 million and will be structured in stages. Petrobras will pay $50 million at signing, $350 million at closing, and two deferred payments of $25 million each, scheduled 12 and 24 months after the deal is finalized.
In January, Brava Energia (BRAV3) had signed an agreement to purchase the same 50% stake from Malaysia’s Petronas for $450 million. Because Petrobras operates the assets and owns the other half, it held a contractual right of first refusal, which was set to expire this week.
By exercising that right, Petrobras effectively replaces Brava Energia in the transaction and moves to consolidate full ownership of the offshore assets.
The final purchase price may still be adjusted to reflect the economic performance of the fields since July 1, 2025, the effective date defined for the transaction.
Petrobras said the acquisition offers attractive economic and financial conditions while increasing management flexibility within the company’s upstream portfolio. The move is aligned with the company’s strategy of prioritizing investments in oil and gas projects with strong value-generation potential.
Brava comments
Petrobras’ move effectively sidelines Brava Energia from the transaction. Brava said it will be reimbursed for the amount paid at signing, with no economic impact, bringing an end to negotiations with Petronas over the assets. The company added that it remains focused on capital discipline and continues to evaluate strategic opportunities within its portfolio.
The assets are located in the Campos Basin offshore Brazil, in water depths ranging from roughly 700 to 1,620 meters. Production is handled by the FPSO Cidade de Campos dos Goytacazes, a floating production unit currently processing about 55,000 barrels of oil per day from the fields.