KUALA LUMPUR: A Petronas subsidiary, Petronas Petróleo Brasil Ltda (PPBL) has completed the acquisition of a 50% stake 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 sale and purchase agreement (SPA) with Petróleo Brasileiro S.A. (Petrobras), Brazil’s petroleum multinational corporation, on April 25, 2019. Petrobras, the operator, holds the remaining 50% equity. The closing agreement on the acquisition was held in Rio De Janeiro, Brazil, on Dec 27, 2019.
Petronas executive vice president & CEO 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.”
Aside from expanding its portfolio in South America, Petronas also signed six new production sharing contracts (PSC) – four 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 its core business for future cash generation. – Dec 30, 2019 Bernama
