Brazil’s Brava Energia has signed an agreement to acquire Petronas’ 50% equity interest in the Tartaruga Verde field and in Module III of the Espadarte field in the Campos Basin, in a transaction valued at $450 million.
The assets are located offshore Rio de Janeiro in the southern portion of the Campos Basin. The transaction covers the BM-C-36 concession for Tartaruga Verde and Espadarte Module III, both of which are currently operated by Petrobras.
Under the terms of the deal, Brava will pay $50 million upon signing, $350 million at closing subject to customary adjustments based on an effective date of July 1, 2025, and two deferred payments of $25 million to be paid within 12 and 24 months after closing.
Completion of the transaction is subject to standard precedent conditions, including approvals from Brazil’s antitrust authority CADE and the national oil regulator ANP, as well as the operator’s waiver of pre-emption rights. The company said the transaction is expected to close in 2026, subject to the satisfaction of these conditions.
Tartaruga Verde and Espadarte Module III are located in water depths ranging from around 700 to 1,620 meters, with reservoirs at depths of approximately 3,000 meters. Production is handled via the FPSO Cidade de Campos dos Goytacazes, which has been in operation since 2018.
The assets currently include 14 producing wells, with 11 linked to the Tartaruga Verde field and three to Espadarte Module III. Average production in 2025 was about 55,600 barrels of oil equivalent per day on a gross basis, consisting mainly of oil, with associated gas transported through the Enchova pipeline to the Cabiúnas terminal.
The concessions are valid through 2039 under existing contracts.