# Brava confirms $450 million deal for Petronas stake in Tartaruga Verde and Espadarte

*Transaction covers 50% of producing assets in the Campos Basin and formalizes portfolio expansion.*

- Published: 2026-01-16
- Section: Insights
- Tags: Bank of America, BRAV3, Brava Energia, BW Energy, Campos Basin, offshore oil Brazil, oil and gas M&A, Petrobras, Petronas, PRIO, Tartaruga Verde
- URL: https://brazilstockguide.com/insights/brava-buys-petronas-tartaruga-verde-450-million/

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**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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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/brava-buys-petronas-tartaruga-verde-450-million/