Business

Petronas expands upstream portfolio with 50 pct stake in Tartaruga Verde, Brazil

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, April 26 2019 : National oil and company Petronas, through its subsidiary Petronas Petróleo Brasil Ltda (PPBL), has entered into a Sale and Purchase Agreement (SPA) with Brazil’s Petróleo Brasileiro SA (Petrobras) for a 50 per cent equity in the Tartaruga Verde field (BM-C-36 Concession) and its facilities, Module III of the Espadarte field.

In a statement, Petronas said under the SPA, PPBL would hold a 50 per cent stake, while Petrobras, as the operator, holds the remaining 50 per cent stake.

“The acquisition of equity in Tartaruga Verde and Module III of Espadarte fields marks an important milestone for Petronas as the company diversifies and expands its oil business portfolio in South America.

“The completion of the transaction is subject to the closing conditions, including the approval from the Brazilian Administrative Council for Economic Defence and the Brazilian National Agency of Petroleum, Natural Gas and Biofuels,” it added. – Bernama

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