Petrobras deepened its partnership with Equinor in Brazil's most prolific offshore region, acquiring half of the Itaimbezinho exploration block.
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Petrobras buys 50% of Equinor's Campos basin block offshore Brazil
Petrobras deepened its partnership with Equinor in Brazil's most prolific offshore region, acquiring half of the Itaimbezinho exploration block.
Petrobras agreed to acquire a 50% interest in Equinor's Itaimbezinho exploration block in Brazil's Campos basin, expanding its offshore portfolio in one of the country's most prolific hydrocarbon regions.
"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.
Equinor was awarded a 100% stake in the block during Brazil's National Agency of Petroleum, Natural Gas and Biofuels 3rd Cycle pre-salt bidding round in 2025. Upon completion, Equinor will retain a 50% interest and remain operator, while Pré-Sal Petróleo S.A. will continue as manager of the production-sharing contract. The acquisition has been approved through Petrobras' internal governance process and is aligned with the company's 2026-2030 Business Plan.
The deal builds on existing collaborations between the two companies in the Campos basin. The partners jointly acquired the Jaspe exploration block in the same 2025 bidding round, with Petrobras operating at 60% and Equinor holding 40%. They also partner on the Raia natural gas project, where Equinor as operator began a 6-well drilling campaign in March. The transaction strengthens Petrobras' exploration portfolio while creating operational synergies with neighboring assets, supporting its long-term strategy of replenishing oil and gas reserves through exploration and strategic partnerships.
Completion remains subject to regulatory approvals, including authorization from Brazil's Administrative Council for Economic Defense and the ANP, as well as 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 presalt basins.
This article is for informational purposes only and does not constitute investment advice.
[1] Petrobras to Acquire 50% Interest in Exploration Block Offshore Brazil[2] Petrobras acquires 50% stake in Campos basin exploration block - World Oil[3] Petrobras to acquire 50% interest in exploration block offshore Brazil[4] Petrobras Buys 50% Stake in Campos Basin Exploration Block[5] Equinor to farm out 50% stake in Itaimbezinho block offshore Brazil
