KUALA LUMPUR: Petroliam Nasional Bhd's subsidiary, Petronas Petróleo Brasil Ltda. (PPBL) has taken a 50% stake in the Tartaruga Verde field, offshore Brazil.
Petronas announced on Friday PPBL had signed a sale and purchase agreement with Petróleo Brasileiro S.A. (Petrobras) to acquire the stake in the field and its facilities, Module III of the Espadarte field.
Both are located in deep waters of the Campos Basin, offshore Brazil.
Petronas said PPBL will hold a 50% stake, while Petrobras as the operator, holds the remaining 50%.
The acquisition of equity in Tartaruga Verde and Module III of Espadarte fields marks an important milestone for Petronas as it diversifies and expands its oil business portfolio in South America.
“The signing of the SPA was formalised today in Rio de Janeiro, Brazil. The completion of the transaction is subject to the closing conditions, including the approval from the Brazilian Administrative Council for Economic Defense and the Brazilian National Agency of Petroleum, Natural Gas and Biofuels,” it said.