(WO) — Petrobras has agreed to amass a 50% curiosity within the offshore Itaimbezinho exploration block in Brazil’s Campos basin from Equinor, increasing its presence in one of many nation’s most lively offshore areas.
Upon completion of the transaction, Equinor will retain a 50% curiosity and proceed as operator of the block. The consortium may also embrace Pré-Sal Petróleo S.A. (PPSA), which manages Brazil’s production-sharing agreements.
Petrobras stated the acquisition strengthens its exploration portfolio whereas creating operational synergies with neighboring property within the Campos basin, the place the corporate already companions with Equinor on initiatives together with the Raia growth and the Jasper exploration license.
The corporate described the transaction as in step with its long-term technique of replenishing oil and gasoline reserves by exploration alternatives and strategic partnerships.
“The operation reinforces the significance and relevance of exploratory exercise in Brazil and is aligned with the corporate’s long-term technique,” Petrobras stated in an announcement.
The Itaimbezinho block is positioned offshore within the Campos basin, considered one of Brazil’s most prolific hydrocarbon-producing areas and a key focus space for each Petrobras and worldwide operators pursuing new exploration alternatives.
The acquisition has been authorised by Petrobras’ inner governance course of and is aligned with the corporate’s 2026-2030 Enterprise Plan.
Completion of the transaction stays topic to regulatory approvals, together with authorization from Brazil’s Administrative Council for Financial Protection (CADE) and the Nationwide Company of Petroleum, Pure Gasoline and Biofuels (ANP), in addition to the satisfaction of different customary closing circumstances.
The deal additional expands cooperation between Petrobras and Equinor in Brazil’s offshore sector as each firms proceed pursuing exploration and growth alternatives throughout the nation’s prolific basins.