Petronas Buys Stakes in Two Campos Fields

December 30, 2019

FPSO Cidade de Campos dos Goytacazes is deployed for operations in the Tartaruga Verde and Tartaruga Mestiça fields in the Campos Basin off the coast of Brazil. (Photo: Modec)
FPSO Cidade de Campos dos Goytacazes is deployed for operations in the Tartaruga Verde and Tartaruga Mestiça fields in the Campos Basin off the coast of Brazil. (Photo: Modec)

Malaysia’s Petroliam Nasional Berhad (Petronas) announced it has acquired stakes in two deepwater fields in the Campos Basin offshore Brazil.

Petronas said on Sunday its subsidiary Petronas Petróleo Brasil Ltda. (PPBL) completed its acquisition of 50% equity in the Tartaruga Verde producing field (BM-C-36 Concession) and Module III of the Espadarte field (Espadarte Concession) after signing a sales and purchase agreement with Brazil’s Petróleo Brasileiro S.A. (Petrobras) in April 2019. Petrobras maintains operatorship and holds the remaining 50% equity.

Petronas Executive Vice President & Chief Executive Officer of Upstream, Adif Zulkifli said, “The completion of the acquisition of Tartaruga Verde and Module III of Espadarte, as well as the three exploration blocks won in the recent bid rounds in Brazil is testament to Petronas’ steady progress in expanding our oil business in South America.”

In line with its strategy to expand in prolific basins worldwide, Petronas also said it signed six new production sharing contracts, including four in Malaysia and two in Gabon, in addition to the acquisitions of two offshore blocks in Egypt.

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