Petrobras has agreed to acquire a portion of the Argonauta field
ring-fence in the Campos Basin from Shell, ONGC, and Brava,
consolidating its grip on the Jubarte shared reservoir and bringing
its stake in the asset to 98.11%, the Brazilian state-owned oil
company said in a statement.
The acquired interest corresponds to the section of the
Argonauta field, under the BC-10 concession, that holds a 0.86%
share of the pre-salt Jubarte reservoir, linked to a unitisation
agreement in force since August 2025.
Total consideration comprises BRL700mn ($142mn) and $150mn,
payable in three instalments: BRL100mn at closing, BRL600mn on 15
January 2027 or at closing — whichever is later — and $150mn two
years after closing, with all amounts subject to price adjustment
provisions.
Upon completion, the federal government's vehicle Pré-Sal
Petróleo S.A. (PPSA) will retain a 1.89% interest in the reservoir
corresponding to the extension of the field into non-contracted
areas, while Petrobras will hold the remainder.
Jubarte is the main asset within Parque das Baleias, a cluster
of fields in the northern Campos Basin operating at water depths of
between approximately 1,220 and 1,400 metres.
The complex currently produces around 210,000 bpd via the P-57
and P-58 platforms and two FPSOs.
Petrobras said the deal offered attractive financial terms,
simplified asset management, and was consistent with its strategic
focus on profitable upstream positions.
The transaction remains subject to regulatory clearance from oil
regulator ANP and competition authority CADE.
© 2026 bne IntelliNews, source Magazine
