By Brazil Stock Guide – Brava Energia (BRAV3) said it has signed a definitive agreement to acquire 50% of the stake held by Petronas in the Tartaruga Verde field and Module III of the Espadarte field, offshore Brazil’s Campos Basin, formalizing a transaction valued at $450 million, according to a filing released on Friday.
Under the terms of the deal, $50 million was paid upon signing on January 15. A further $350 million will be paid at closing, subject to customary adjustments tied to an effective date of July, while two deferred installments of $25 million each are due 12 and 24 months after completion. Brava expects the transaction to close during 2026.
The assets are located in the southern portion of the Campos Basin, in water depths ranging from about 700 to 1,620 meters, with reservoirs at roughly 3,000 meters. They are operated by Petrobras, which retains the remaining 50% interest, through the FPSO Cidade de Campos dos Goytacazes, in operation since 2018.
The unit currently comprises 14 producing wells — 11 linked to Tartaruga Verde and three to Espadarte Module III. In 2025, average production reached about 55,600 barrels of oil equivalent per day on a 100% basis, predominantly oil, with associated natural gas transported via the Enchova pipeline to the Cabiúnas terminal. The concessions run through 2039 under existing contracts.
Brava said the acquisition is aligned with its strategy of continuous portfolio review, focusing on risk-adjusted returns, asset diversification and disciplined capital allocation. The announcement comes amid a leadership transition, following the board’s decision to appoint Richard Kovacs as chief executive officer, with Décio Oddone set to leave the role by the end of this month.
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