Malaysian state-owned oil company Petronas has agreed to sell its 50% working interest in the Tartaruga Verde field and Module 3 of the Espadarte development offshore Brazil to the local independent company Brava Energia for a total consideration of $450 million.

Transaction Details and Payment Structure

The transaction involves a structured payment plan. Brava Energia made an initial payment of $50 million upon signing the agreement. A further $350 million is due upon the closing of the deal, anticipated later this year. The remaining $50 million will be paid in two deferred installments of $25 million each, scheduled for 12 and 24 months after the transfer of the assets is completed.

Asset Overview and Location

The Tartaruga Verde and Espadarte fields are situated in the southern Campos basin, in water depths ranging from 700 to 1,620 meters. Both fields are operated by Petrobras and have been on stream since 2018, utilizing the Cidade de Campos dos Goytacazes floating production, storage and offloading (FPSO) vessel.

Production Data

In 2025, the Cidade de Campos dos Goytacazes FPSO had an average production of 55,600 barrels of oil per day. This output was delivered through 14 producing wells, with 11 wells linked to the Tartaruga Verde field and three wells associated with the Espadarte development. This acquisition will contribute to Brava Energia's portfolio, which ended the previous year with an average production of approximately 81,300 barrels per day, comprising 47,950 barrels per day from offshore assets and 33,350 barrels per day from onshore assets.

Strategic Rationale

Brava Energia stated that the transaction aligns with its strategy of continuous portfolio review. The company emphasized its commitment to seeking risk-adjusted returns, achieving asset diversification, and ensuring efficiency in capital allocation.

Leadership Context

The announcement follows closely on the agreement of Brava Energia's chief executive, Decio Oddone, to resign from his position. Chairman Richard Kovacs is scheduled to assume the CEO role on 1 February.