Petronas completes acquisition of 50pc stake in Tartaruga Verde and Espadarte

Petronas said in a statement today the signing of the closing agreement to mark the completion of the acquisition was held in Rio de Janeiro, Brazil, on December 27, 2019. — Reuters pic
Petronas said in a statement today the signing of the closing agreement to mark the completion of the acquisition was held in Rio de Janeiro, Brazil, on December 27, 2019. — Reuters pic

KUALA LUMPUR, Dec 28 ― Petroliam Nasional Bhd’s (Petronas) subsidiary, Petronas Petróleo Brasil Ltda. (PPBL) today 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 with Petróleo Brasileiro SA (Petrobras), Brazil’s petroleum multinational corporation on April 25, 2019. Petrobras, which is the operator, holds the remaining 50 per cent equity.

Petronas said in a statement today the signing of the closing agreement to mark the completion of the acquisition was held in Rio de Janeiro, Brazil, on December 27, 2019.

Petronas executive vice president and 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 were a 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.

Aside from expanding its portfolio in South America, Petronas also signed six new production sharing contracts (PSC), comprising four in Malaysia and two in Gabon, in addition to the acquisitions of two offshore blocks in Egypt.

This was in line with Petronas’ three-pronged growth strategy to secure opportunities in prolific basins in expanding its core business for future cash generation, it said. ― Bernama

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