Petrobras has agreed to acquire part of the Argonauta ring-fence in Brazil’s Campos Basin, increasing its position in the Jubarte shared pre-salt reservoir.
The area being acquired is currently linked to the BC-10 Concession and involves interests held by Shell Brasil Petróleo, ONGC Campos, and Enauta Petróleo e Gás. The portion corresponds to 0.86% of the Jubarte reservoir under a unitization agreement effective from 1 August 2025.
The transaction value includes R$700 million, equivalent to about $140.5 million, plus an additional $150 million. Payments are planned in three stages: R$100 million at closing, R$600 million on 15 January 2027 or at closing, whichever comes later, and $150 million two years after closing. The final amounts remain subject to adjustment.
After completion, Petrobras will hold 98.11% of the Jubarte shared reservoir. The Brazilian federal government, represented by Pré-Sal Petróleo S.A., will keep a 1.89% stake linked to the reservoir’s extension into non-contracted areas.
The deal is also expected to close equalization discussions among Petrobras, Shell, ONGC, and Brava Energia, as well as any related unitization matters involving Jubarte and the ring-fence portion included in the transaction.
Petrobras said the acquisition supports its business plan, improves asset management, and strengthens its Campos Basin operations with a focus on profitable assets.
Completion remains subject to conditions in the purchase and sale agreement, including approvals from Brazil’s petroleum regulator ANP and competition authority CADE.
Jubarte is operated by Petrobras through infrastructure connected to Parque das Baleias, a group of fields in the northern Campos Basin at water depths of about 1,220 m to 1,400 m. Production flows through P-57 and P-58, the FPSO Cidade de Anchieta, and the FPSO Maria Quitéria, with a current output of about 210,000 barrels of oil per day.
