April 9, 2026 – Petróleo Brasileiro S.A. – Petrobras, following up on the announcement made on March 16, 2026, announces that it signed contracts today with Petronas Petróleo Brasil Ltda. for the acquisition of 50% interests in the Tartaruga Verde and Espadarte – Module III fields, located in the Campos Basin. Upon completion of the transaction, Petrobras will once again hold a 100% interest in the assets and will remain the operator.
The transaction value is US$450 million, of which (a) US$50 million is paid today (signing); (b) US$ 350 million upon closing, subject to adjustments related to the effective date of the transaction (July 1, 2025); and (c) two deferred installments, in the amount of up to US$ 25 million each, to be paid 12 and 24 months after closing, respectively. The amounts to be disbursed by Petrobras will be adjusted for deductions related to the economic results obtained by the asset since July 1, 2025.
The completion of the transaction is subject to the fulfillment of precedent conditions set forth in the purchase and sale agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).
About the fields
The Tartaruga Verde field and Module III of Espadarte are located in the southern portion of the Campos Basin, in water depths ranging from approximately 700 to 1,620 meters. The assets are operated by Petrobras through the FPSO Cidade de Campos dos Goytacazes, with current production of around 55,000 barrels of oil per day.
Brazil Energy Insight 
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