PETRONAS Expands Upstream Portfolio with 50% Equity in Tartaruga Verde, Brazil

Kuala Lumpur, 26 April 2019 – PETRONAS through its subsidiary, PETRONAS Petróleo Brasil Ltda. (PPBL) entered into a Sale and Purchase Agreement (SPA) with Petróleo Brasileiro S.A. (Petrobras), Brazil’s petroleum multinational corporation, for a 50 per cent equity in the Tartaruga Verde field (BM-C-36 Concession) and its facilities, Module III of the Espadarte field, both located in deep waters of the Campos Basin, offshore Brazil. 

The signing of the SPA was formalised today in Rio de Janeiro, Brazil. The completion of the transaction 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. 

PPBL will hold a 50 per cent stake, while Petrobras as the Operator, holds the remaining 50 per cent stake. 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.