KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) subsidiary Petronas Petróleo Brasil Ltda (PPBL) has completed the acquisition of a 50% 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 with Petróleo Brasileiro SA (Petrobras), Brazil’s petroleum multinational corporation on April 25, 2019. Petrobras, who is the operator, holds the remaining 50% equity.
The signing of the closing agreement to mark the completion of the acquisition was held in Rio De Janeiro, Brazil last Friday.
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 its oil business in South America.
“We also look forward to this new partnership with Petrobras to meet Brazil’s energy aspirations,” he said in a statement.
Aside from expanding its 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 its core business for future cash generation.
