Petrobras has agreed to acquire 100% of a portion of the Argonauta field ring-fence in the Campos Basin from Shell, ONGC and Brava.
The acquired portion corresponds to an area holding 0.86% of the shared pre-salt Jubarte reservoir under a unitization agreement in effect since August 2025.
The total consideration for the transaction will be $141 million and $150 million, payable in three instalments, with amounts subject to price adjustments.
Upon completion, Petrobras will hold a 98.11% interest in the Jubarte shared reservoir, while the Federal Government, represented by Pré-Sal Petróleo, will retain a 1.89% stake.
The company said the transaction will conclude the equalization process among Petrobras, Shell, ONGC and Brava related to the reservoir.
Closing is subject to conditions including approvals from Brazil’s oil regulator ANP and antitrust authority CADE.
Petrobras said the acquisition strengthens its operations in the Campos Basin and aligns with its business plan.
The Jubarte shared reservoir is operated by Petrobras as part of the Parque das Baleias area, which includes fields located in water depths of about 1,220 to 1,400 metres and produces around 210,000 barrels of oil per day.