Petrobras has agreed to acquire a 50% interest in the Itaimbezinho exploration block in the Campos Basin offshore Brazil from Equinor.
Equinor currently holds a 100% stake in the block. Upon completion of the transaction, the consortium will consist of Equinor as operator with a 50% interest, Petrobras with 50%, and Pré-Sal Petróleo S.A. (PPSA) as manager of the production sharing contract.
Petrobras said the transaction is aligned with its long-term strategy to replenish oil and gas reserves through exploration of new frontier areas and partnerships.
The company added that the deal strengthens its position in the Campos Basin, where it is already involved in neighboring assets alongside Equinor, including the Raia project and the Jaspe exploration license.
The transaction remains subject to approval by Brazil's Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP), as well as other customary conditions precedent and regulatory approvals.