Petronas Buys Stake in Brazilian Field

Malaysian state Petronas has signed a sale and purchase agreement with Brazilian Petrobras for a 50% equity in the Tartaruga Verde field (BM-C-36 concession) and its facilities, it said April 26.

Petronas said the field and its facilities, Module III of the Espadarte field, are both located in deep waters of the Campos Basin, offshore Brazil.

“The acquisition of equity in Tartaruga Verde and Module III of Espadarte fields marks an important milestone for Petronas as the company diversifies and expands its oil business portfolio in South America,” the company said.

The deal is subject to the closing conditions, including the approval from the Brazilian Administrative Council for Economic Defense and the Brazilian National Agency of Petroleum, Natural Gas and Biofuels.

Petronas Petroleo Brasil, a local subsidiary of Petronas, will hold a 50% stake, while Petrobras as the operator, the remaining 50%.