Petronas acquires stake in two fields offshore Brazil

Petrobras has entered into a sale and purchase agreement with Petronas Petróleo Brasil Ltda. for 50% working interest in the Tartaruga Verde field and Module III of the Espadarte field in the deepwater Campos basin. The value of the transaction is about $1.3 billion.

Apr 26th, 2019

Offshore staff

RIO DE JANEIROPetrobras has entered into a sale and purchase agreement with Petronas Petróleo Brasil Ltda. for 50% working interest in the Tartaruga Verde field and Module III of the Espadarte field in the deepwater Campos basin. The value of the transaction is about $1.3 billion.

Petrobras will maintain 50% working interest and the operatorship of the fields.

TheTartaruga Verde field began production on June 22, 2018 through the FPSO Cidade de Campos dos Goytacazes MV29. According to Petrobras, the field currently produces about 103,000 b/d of oil and 1.2 MMcm/d of gas.

The Module III is an area of the Espadarte field to be developed in an integrated way with the Tartaruga Verde field. First oil is expected in 2021.

The completion of the transaction is subject to the closing conditions, including the approval from the Brazilian Administrative Council for Economic Defense and the Brazilian National Agency of Petroleum, Natural Gas and Biofuels.

04/26/2019

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