Petrobras acquires 50% stake in Campos basin exploration block

(WO) — Petrobras has agreed to acquire a 50% interest in the offshore Itaimbezinho exploration block in Brazil's Campos basin from Equinor, expanding its presence in one of the country's most active offshore regions.

Upon completion of the transaction, Equinor will retain a 50% interest and continue as operator of the block. The consortium will also include Pré-Sal Petróleo S.A. (PPSA), which manages Brazil's production-sharing agreements.

Petrobras said the acquisition strengthens its exploration portfolio while creating operational synergies with neighboring assets in the Campos basin, where the company already partners with Equinor on projects including the Raia development and the Jasper exploration license.

The company described the transaction as consistent with its long-term strategy of replenishing oil and gas reserves through exploration opportunities and strategic partnerships.

“The operation reinforces the importance and relevance of exploratory activity in Brazil and is aligned with the company's long-term strategy,” Petrobras said in a statement.

The Itaimbezinho block is located offshore in the Campos basin, one of Brazil's most prolific hydrocarbon-producing regions and a key focus area for both Petrobras and international operators pursuing new exploration opportunities.

The acquisition has been approved through Petrobras' internal governance process and is aligned with the company's 2026-2030 Business Plan.

Completion of the transaction remains subject to regulatory approvals, including authorization from Brazil's Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP), as well as the satisfaction of other customary closing conditions.

The deal further expands cooperation between Petrobras and Equinor in Brazil's offshore sector as both companies continue pursuing exploration and development opportunities across the country's prolific basins.