Brazil's national oil company will acquire two offshore oil field stakes held by Petronas for $450 million.

Per a securities filing, the Brazilian state-controlled oil company Petrobras will exercise its right of first refusal to acquire Petronas’ 50% stake in two offshore oil fields in Brazil from Malaysia’s national oil company for $450 million.

After the transaction closes, Petrobras will hold 100% of the equity interests in Module III of the Tartaruga Verde and Espadarte oil fields, located in Brazil’s Campos Basin. The combined current average daily production of these two fields is approximately 55,000 barrels.

The acquisition will allow Petrobras to connect its other wells in the Tartaruga Verde oil field to the new assets. Previously, the company obtained an oil discovery in the nearby Sudoeste de Tartaruga Verde block in November 2025, which the company’s exploration and production chief described as an “outstanding” discovery.

In January 2026, Brava Energia, a Brazilian oil company, announced that it had reached an agreement to purchase these equity interests from Petronas as part of its “long-term strategy,” but Petrobras later decided to exercise its right of first refusal.

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Byline: Zhang Jun SF065