Offshore Brazil roundup: M&A moves, production highs and a drilling setback

Brava Energia strikes $450M deal for Petronas’ offshore Brazil assets

Brava Energia has an agreement to acquire Petronas’ full equity interest in two producing fields offshore Brazil, both operated by Petrobras.

The Tartaruga Verde Field in the BM-C-36 concession and Module III of the Espadarte Field are in the southern Campos Basin in water depths ranging from 700 m to 1,620 m and with reservoirs at subsurface depths of about 3,000 m.

Both produce to the FPSO Cidade de Campos dos Goytacazes, which started operations in 2018.

Assuming approval from CADE, the Brazilian Antitrust Authority, the National Agency of Petroleum, Natural Gas and Biofuels (ANP), and Petrobras’ waiver, Brava will pay $450 million for the transaction, which it expects to close later this year.

Petrobras hits 11% production growth as presalt output reaches new peak

Petrobras says its oil production last year rose 11% to 2.4 MMbbl/d, while its combined oil and gas production swelled to 2.99 MMboe/d. It cited improved operational efficiency across all operating platforms as a major factor.

In addition, its operated fields in Brazil’s offshore presalt reached a new peak of 3.7 MMboe/d gross.

In 2025, the company brought online two new FPSOs in the presalt Santos Basin: Almirante Tamandaré at the Búzios Field, and Alexandre de Gusmão over the Mero Field. Almirante Tamandaré averaged about 240,000 boe/d during November and December, making it Brazil’s highest-output platform.

Ramp-up continued for the FPSOs Maria Quitéria at in the Jubarte field, and Anita Garibaldi and Anna Nery at the Marlim and Voador fields.

At the Tupi/Iracema field, production has climbed to 1 MMbbl/d, a level last achieved in 2019, Petrobras added.

Petrobras halts Foz do Amazonas drilling after fluid leak