Petronas acquires 50% equity in Brazil's Tartaruga Verde field from Petrobras

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KUALA LUMPUR (April 26): Petroliam Nasional Bhd has acquired a 50% equity stake in Brazil's Tartaruga Verde field following an agreement with Petrobras, the national oil company announced today.

In a statement, Petronas said its subsidiary Petronas Petróleo Brasil Ltd (PPBL) acquired the stake in Tartaruga Verde field (BM-C-36 Concession) and its facilities, Module III of the Espadarte field, both located in deep waters of the Campos Basin.

Today, PPBL has entered into a sale and purchase agreement with Petrobras, which holds the remaining 50% as the operator in the field.

"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," said Petronas.