17/04/2026 by Cameron Clarke
State-funded Malaysian oil and gas company, Petronas, recently completed a new transaction with Petrobras, the Brazilian oil major.
Under the terms of the new contract, Petrobras will now hold a 50 per cent interest in both the “Espadarte Module 3” and “Tartaruga Verde” oil fields. The sites are within the Campos basin off the coast of Brazil.
While Petronas is the national energy company of Malysia, it conducts global business, which also includes the supply of high-quality industrial strength lubricant products ranging from agricultural oil to air compressor oil.
In March this year, Petrobras used its preferential rights to buy stakes in the fields, topping an offer made by the independent Brazilian operator, Brava Energia, which also bid for the assets. Per the new agreement, Petrobras will now pay $450 million, effectively increasing its stakes in both fields.
The oil giant completed an initial payment of $50 million that will be followed by a further $350 million when the deal closes. Two deferred payments of $25 million will then be made at 12-month and 24-month intervals.
The new offshore acquisitions are in water depths of between 700 and 1,620 metres and are situated in the Campos basin’s southernmost point.
Current statistics show that Petrobras is producing approximately 55,000 barrels per day (bpd) of oil from both the Espadarte Module 3 and Tartaruga Verde oil fields via the use of a floating production, storage and offloading (FPSO) vessel titled the “Cidade de Campos dos Goytacazes”.
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