Brazil’s state-owned oil company, Petrobras, will take full control of two offshore oil fields after deciding to purchase a 50% stake from Malaysia’s Petronas for $450 million.

The deal covers the Tartaruga Verde field and Module III of the Espadarte field, both located in the Campos Basin. Together, these assets produce about 55,000 barrels of oil per day. With the acquisition, Petrobras will now own 100% of both fields.

Petrobras exercised its pre-emptive rights to make the purchase, stepping in before a previous agreement in which Brazilian firm Brava had planned to buy the Petronas stake. That earlier deal has now fallen through.

Industry experts say full ownership will allow Petrobras to connect nearby wells to the Tartaruga Verde field, improving efficiency and potentially increasing production.

The move follows a major discovery by Petrobras in November at the nearby Sudoeste de Tartaruga Verde block, which company executives described as highly promising.
Neither Petronas nor Brava have publicly commented on the change in plans.

The acquisition is part of Petrobras’ strategy to consolidate key offshore assets in Brazil, strengthen its production, and capitalize on recent discoveries in the Campos Basin.