Petronas joins two deepwater Campos basin fields

Petrobras has completed the sale of 50% of E&P rights to the Tartaruga Verde field and Module III of the Espadarte field, both in the Campos basin offshore Brazil, to Petronas Petróleo Brasil for $691.9 million.

The FPSO Cidade de Campos dos Goytacazes MV29 operates at the Tartaruga Verde field in the Campos basin offshore Brazil.
The FPSO Cidade de Campos dos Goytacazes MV29 operates at the Tartaruga Verde field in the Campos basin offshore Brazil.
(Courtesy MODEC)

Offshore staff

RIO DE JANEIROPetrobras 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.

12/30/2019

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