Petrobras Acquires Remaining Stakes in Tartaruga Verde and Espadarte Fields
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Should l Buy PBR?
Source: seekingalpha
Petrobras shares rose by 3.46% and reached a 52-week high amid the announcement of its acquisition of the remaining 50% stakes in the Tartaruga Verde and Espadarte fields from Petronas for $450 million.
This acquisition will result in 100% ownership of these high-margin offshore assets, further consolidating Petrobras' control over the Campos Basin, which currently produces approximately 55,000 barrels per day. This strategic move is expected to enhance the company's profitability and competitive position in the market, despite potential impacts from government interventions regarding LPG auction prices.
The acquisition aligns with Petrobras' ongoing strategy to strengthen its market presence and ensure sustained production capacity, which could lead to increased investor confidence and long-term growth prospects.
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Analyst Views on PBR
Wall Street analysts forecast PBR stock price to fall
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 20.690
Low
13.30
Averages
15.15
High
17.00
Current: 20.690
Low
13.30
Averages
15.15
High
17.00
About PBR
Petroleo Brasileiro S.a. Petrobras is a Brazil-based government agency. The Company specializes in the oil, natural gas and energy industry. Petrobras has three operational segments: Refining, Transportation, and Marketing (R&M), which encompasses the activities of refining, logistics, transportation, acquisition and export of crude oil, as well as the purchase and sale of petroleum-derived products, in Brazil and abroad; Exploration and Production (E&P), which encompasses the activities of exploration, production development and production of oil, natural gas liquids (NGL) and natural gas, as well as Gas and Low Carbon Energy (G&EBC), which encompasses logistics activities, natural gas and electricity trading, transportation and marketing of liquefied natural gas (LNG), power generation through thermal power plants, as well as the results of natural gas processing operations.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Petrobras Acquires Remaining Stakes in Tartaruga Verde and Espadarte Fields
- Acquisition Deal: Petrobras has agreed to acquire the remaining 50% stakes in the Tartaruga Verde and Espadarte Module 3 fields from Petronas for $450 million, which will result in 100% ownership and further consolidate its control over high-margin offshore assets.
- Current Production: Petrobras currently produces approximately 55,000 barrels per day from these fields using the Cidade de Campos dos Goytacazes floating production, storage, and offloading vessel, ensuring sustained production capacity in the mature Campos Basin.
- Market Strategy: This acquisition is part of Petrobras' ongoing strategy to strengthen its control over mature yet still productive Campos Basin, enhancing the company's overall profitability and competitive position in the market.
- Government Intervention: Brazilian President Lula announced that the government will seek to annul the liquefied petroleum gas auction held in March to protect consumers, arguing that the auction prices were excessively high, which could impact Petrobras' market image and future pricing strategies.
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- Project Timeline: Offshore operations for the Sépia 2 contract are set to commence in 2029, with Subsea7 initiating project management and engineering work immediately from its offices in Rio de Janeiro, Paris, and Sutton, UK, ensuring timely delivery of the project.
- Strategic Partnership: This contract strengthens Subsea7's established relationship with Petrobras in Brazil, reflecting the company's expertise in deep-water projects and support for national importance projects, which is expected to lead to more collaborative opportunities in the future.
- Market Expansion Potential: The Sépia 2 project is part of Brazil's pre-salt resource base expansion, and Subsea7's involvement not only enhances its market position in the region but also opens the door for additional deep-water development contracts, driving long-term growth.
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Impact on Clients: This decision aims to address discrepancies in pricing that have affected clients involved in the oil market.
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Petrobras of Brazil to Implement Measures to Mitigate Price Impact from March 31 LPG Auction - Official Statement
- Brazil's Petrobras Response: Petrobras announced plans to take actions aimed at offsetting the price effects resulting from the LPG auction held on March 31.
- Impact of LPG Auction: The auction's outcomes are expected to influence pricing strategies and market dynamics for the company.
See More
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- Executive Changes: The company dismissed Claudio Schlosser from his role as Executive Director of Logistics, Commercialization, and Markets, appointing Angelica Laureano in his place, which reflects a strategic restructuring in key operational areas to enhance efficiency and market responsiveness.
- Temporary Role Adjustments: Following Laureano's appointment, William França, the current Executive Director of Industrial Processes and Products, will temporarily oversee Energy Transition and Sustainability, demonstrating the company's flexibility and adaptability in responding to changes in the energy market.
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Petrobras Acquires Remaining Stakes in Tartaruga Verde and Espadarte Fields
- Acquisition Deal: Petrobras has agreed to acquire the remaining 50% stakes in the Tartaruga Verde and Espadarte Module 3 fields from Petronas for $450 million, which will result in 100% ownership and further consolidate its control over high-margin offshore assets.
- Current Production: Petrobras currently produces approximately 55,000 barrels per day from these fields using the Cidade de Campos dos Goytacazes floating production, storage, and offloading vessel, ensuring sustained production capacity in the mature Campos Basin.
- Market Strategy: This acquisition is part of Petrobras' ongoing strategy to strengthen its control over mature yet still productive Campos Basin, enhancing the company's overall profitability and competitive position in the market.
- Government Intervention: Brazilian President Lula announced that the government will seek to annul the liquefied petroleum gas auction held in March to protect consumers, arguing that the auction prices were excessively high, which could impact Petrobras' market image and future pricing strategies.
See More
Subsea7 Secures Petrobras Sépia 2 Contract
- Large Contract Value: Subsea7 has secured a contract exceeding $1.25 billion with Petrobras for the Sépia 2 project, which includes engineering, procurement, fabrication, installation, and pre-commissioning of subsea umbilicals, risers, and flowlines for 17 wells, showcasing the company's strong competitive position in the Brazilian market.
- Project Timeline: Offshore operations for the Sépia 2 contract are set to commence in 2029, with Subsea7 initiating project management and engineering work immediately from its offices in Rio de Janeiro, Paris, and Sutton, UK, ensuring timely delivery of the project.
- Strategic Partnership: This contract strengthens Subsea7's established relationship with Petrobras in Brazil, reflecting the company's expertise in deep-water projects and support for national importance projects, which is expected to lead to more collaborative opportunities in the future.
- Market Expansion Potential: The Sépia 2 project is part of Brazil's pre-salt resource base expansion, and Subsea7's involvement not only enhances its market position in the region but also opens the door for additional deep-water development contracts, driving long-term growth.
See More
Petrobras of Brazil to Compensate Customers for Discrepancy Between Auction Bids and Import Costs
Petrobras Reimbursement: Brazil's state-controlled oil company, Petrobras, is set to reimburse clients for the difference between auction bids and import prices.
Impact on Clients: This decision aims to address discrepancies in pricing that have affected clients involved in the oil market.
See More
Petrobras of Brazil to Implement Measures to Mitigate Price Impact from March 31 LPG Auction - Official Statement
- Brazil's Petrobras Response: Petrobras announced plans to take actions aimed at offsetting the price effects resulting from the LPG auction held on March 31.
- Impact of LPG Auction: The auction's outcomes are expected to influence pricing strategies and market dynamics for the company.
See More
Foreign Energy Stocks Shine in 2026 YTD Performance
- YTD Performance: Tenaz Energy Corp. leads with a remarkable 138.57% year-to-date gain, showcasing its strong position in the international energy market, which has attracted investor interest and boosted its market capitalization.
- Market Comparison: In contrast to the volatility faced by domestic energy stocks, foreign energy companies have excelled due to rising commodity prices and favorable geopolitical conditions, indicating a growing investor confidence in international markets.
- Diverse Sectors: The top ten foreign energy stocks include companies from Canada, Brazil, and Norway across various subsectors, such as oil and gas exploration and offshore drilling services, highlighting the diversity and potential of the global energy market.
- Strong Growth: Companies like Valaris, Equinor ASA, and Spartan Delta have achieved over 74% year-to-date gains, reflecting their competitiveness and profitability in the current market environment.
See More
Petrobras Announces Leadership Changes Amid Price Concerns
- New Chairman Elected: Petrobras (PBR) announced the election of Marcelo Weick Pogliese as the new chairman, replacing Bruno Moretti who resigned last month, indicating a swift leadership adjustment to address market challenges ahead of the next shareholders' meeting.
- Executive Changes: The company dismissed Claudio Schlosser from his role as Executive Director of Logistics, Commercialization, and Markets, appointing Angelica Laureano in his place, which reflects a strategic restructuring in key operational areas to enhance efficiency and market responsiveness.
- Temporary Role Adjustments: Following Laureano's appointment, William França, the current Executive Director of Industrial Processes and Products, will temporarily oversee Energy Transition and Sustainability, demonstrating the company's flexibility and adaptability in responding to changes in the energy market.
- Government Intervention Pressure: Brazilian President Lula expressed frustration over alleged fuel price gouging since the onset of the Iran war and threatened to cancel a Petrobras wholesale cooking gas auction, indicating increased government scrutiny on oil pricing that could impact the company's future market strategies.
See More
