Petrobras Acquires Full Interest in Tartaruga Verde and Espadarte Fields

Petróleo Brasileiro S.A. – Petrobras has signed agreements with Petronas Petróleo Brasil Ltda. to reacquire a 50% stake in the Tartaruga Verde and Espadarte – Module III fields, located in the Campos Basin. This transaction will restore Petrobras's 100% ownership of these assets, maintaining its role as the operator. The total transaction value is US$450 million, with US$50 million due at signing, US$350 million at closing (subject to adjustments based on the July 1, 2025 effective date), and two deferred payments of up to US$25 million each, payable 12 and 24 months post-closing. These payments will be adjusted based on the assets' economic performance since July 1, 2025. The deal is contingent on regulatory approval, including from Brazil's ANP. The Tartaruga Verde and Espadarte fields are operated by Petrobras via the FPSO Cidade de Campos dos Goytacazes, with current production around 55,000 barrels of oil per day.