PETRONAS Completes Acquisition For 50 Per Cent Equity In Tartaruga Verde And Espadarte Module III, Brazil

Source Press Release
Company PetronasPetrobras (IFRS US$ Current) 
Tags Asset Deals, Deals, Upstream Activities
Date December 29, 2019

PETRONAS’ subsidiary, PETRONAS Petróleo Brasil Ltda. (PPBL) on 28 December 2019 announced the completion of the transaction for the acquisition of 50 per cent equity in the Tartaruga Verde producing field (BM-C-36 Concession) and Module III of the Espadarte field (Espadarte Concession), both located in deep waters of the Campos Basin, offshore Brazil.  

PPBL signed a Sales and Purchase Agreement (SPA) with Petróleo Brasileiro S.A. (Petrobras), Brazil’s petroleum multinational corporation on 25 April 2019. Petrobras, who is the Operator, holds the remaining 50 per cent equity. 

The signing of the closing agreement to mark the completion of the acquisition was held in Rio De Janeiro, Brazil, on 27 December 2019. 

PETRONAS Executive Vice President & Chief Executive Officer of Upstream, Adif Zulkifli said, “The completion of the acquisition of Tartaruga Verde and Module III of Espadarte, as well as the three exploration blocks won in the recent bid rounds in Brazil is testament to  PETRONAS’ steady progress in expanding our oil business in South America.”  

“We also look forward to this new partnership with Petrobras to meet Brazil’s energy aspirations,” he added. 

Aside from expanding our portfolio in South America, PETRONAS also signed six new Production Sharing Contracts (PSC), of which four PSCs in Malaysia and two in Gabon, in addition to the acquisitions of two offshore blocks in Egypt. This is in line with  PETRONAS’ Three-pronged Growth strategy to secure opportunities in prolific basins in expanding our core business for future cash generation.

Established in 1974, Petroliam Nasional Berhad (PETRONAS) is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. As the custodian of Malaysia’s national oil and gas resources, we explore, produce and deliver energy to meet society’s growing needs. The growing demand for energy inspires and strengthens our purpose to steadily drive for new solutions and push boundaries towards a sustainable energy future.

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