RIO DE JANEIRO – Petrobras has completed the sale of 50% of E&P rights to the Tartaruga Verde field (in the BM-C-36) and Module III of the Espadarte field, both in the Campos basin offshore Brazil, to Petronas Petróleo Brasil for $691.9 million.
The arrangement adds a new upstream player to Brazil, Petrobras said, also strengthening the company’s deepwater E&P partnership strategy.
Petrobras will retain a 50% stake and operation of both fields.
Tartaruga Verde started production in June 2018 and has a current output of around 103,000 b/d of oil and 1.2 MMcm/d of gas.
Module III is an area that will be developed in integration with the Tartaruga Verde facilities, with first oil anticipated in 2021.