Petrobras (NYSE: PBR) moves to 100% of Campos Basin oil fields in $450M deal

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras plans to acquire the remaining 50% interests in the Tartaruga Verde field and Module III of the Espadarte field from Petronas Petróleo Brasil, taking its stake in these Campos Basin assets back to 100% while remaining operator.

The transaction is valued at US$ 450 million, with US$ 50 million due at signing, US$ 350 million at closing (subject to adjustments from an effective date of July 1, 2025), and two deferred installments of US$ 25 million each payable 12 and 24 months after closing. Amounts Petrobras will pay will be adjusted for the asset’s economic results since July 1, 2025.

Petrobras describes the deal as having attractive economic and financial conditions and aligned with its Business Plan, reinforcing its strategic focus on oil and gas with disciplined capital allocation and prioritization of higher-value assets. Completion depends on conditions in the purchase and sale agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels. The assets are currently producing about 55,000 barrels of oil per day through the FPSO Cidade de Campos dos Goytacazes.

Insights

Oil & gas M&A analyst

Petrobras is consolidating full ownership of a producing offshore asset through a staged US$ 450M deal.

Petrobras is exercising its preemptive right to buy Petronas’s 50% interests in the Tartaruga Verde and Espadarte Module III fields for US$ 450 million. This restores 100% ownership of assets already operated by Petrobras in Brazil’s Campos Basin, with current production near 55,000 barrels of oil per day.

The payment structure spreads cash outflows: US$ 50 million at signing, US$ 350 million at closing (adjusted from an effective date of July 1, 2025), and two US$ 25 million installments 12 and 24 months after closing. Adjustments for economic results since mid-2025 effectively reduce net consideration by profits already generated.

Strategically, Petrobras frames the acquisition as aligned with its Business Plan, emphasizing focus on oil and gas, disciplined capital allocation, and prioritization of higher-value, resilient assets. The transaction’s impact will depend on regulatory clearance from Brazil’s ANP and fulfillment of other conditions in the purchase and sale agreement, after which Petrobras will capture all future upside and risk from these fields.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of March, 2026

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

 

Petrobras announces participation in the Tartaruga Verde field and Module III of the Espadarte field

—

Rio de Janeiro, March 16, 2026 – Petróleo Brasileiro S.A. – Petrobras announces that, as partner and operator of the Tartaruga Verde and Espadarte – Module III fields, located in the Campos Basin, it has notified Petronas Petróleo Brasil Ltda. today of its decision to exercise its preemptive right to acquire the 50% interests in these assets currently owned by Petronas. Upon completion of the transaction, Petrobras will once again hold a 100% interest in the assets, remaining as operator.

The signing of the purchase and sale agreement will take place soon. The transaction value is US$ 450 million, of which (a) US$ 50 million will be paid on the signing date; (b) US$ 350 million upon closing, subject to adjustments related to the effective date of the transaction (07/01/2025); and (c) two deferred installments of US$ 25 million each, to be paid 12 and 24 months after closing, respectively.

It should be noted that the amounts to be disbursed by Petrobras will be adjusted for deductions related to the economic results obtained by the asset since July 1, 2025.

The acquisition presents attractive economic and financial conditions, adds decision-making flexibility to the company’s portfolio management, and is in line with its Business Plan, reinforcing the strategic focus on the oil and gas segment, with disciplined capital allocation, economic and environmental resilience, risk mitigation, and prioritization of assets with greater value generation potential for shareholders.

The completion of the transaction is subject to the fulfillment of precedent conditions set forth in the purchase and sale agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).

About the fields

The Tartaruga Verde field and Module III of Espadarte are located in the southern portion of the Campos Basin, in water depths ranging from approximately 700 to 1,620 meters. The assets are operated by Petrobras through the FPSO Cidade de Campos dos Goytacazes, with current production of around 55,000 barrels of oil per day.

www.petrobras.com.br/ri

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 16, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer

FAQ

What acquisition did Petrobras (PBR) announce in the March 2026 Form 6-K?

Petrobras announced it will acquire Petronas Petróleo Brasil’s 50% interests in the Tartaruga Verde field and Module III of the Espadarte field, both in Brazil’s Campos Basin, regaining 100% ownership and remaining the operator of these offshore oil-producing assets.

How much is Petrobras paying for the Tartaruga Verde and Espadarte Module III interests?

The agreed transaction value is US$ 450 million. Petrobras will pay US$ 50 million at signing, US$ 350 million at closing subject to adjustments from July 1, 2025, plus two deferred installments of US$ 25 million each, 12 and 24 months after closing.

How will the US$ 450 million acquisition by Petrobras be paid over time?

Petrobras will pay US$ 50 million on signing, US$ 350 million at closing with adjustments tied to a July 1, 2025 effective date, then two US$ 25 million deferred payments 12 and 24 months after closing. Amounts are adjusted for economic results since July 1, 2025.

What regulatory approvals are required for Petrobras’s Campos Basin acquisition?

Completion of the acquisition is subject to conditions in the purchase and sale agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP). The transaction will only close after these precedent conditions have been satisfied.

How much oil do the Tartaruga Verde and Espadarte Module III fields currently produce?

The Tartaruga Verde field and Module III of Espadarte currently produce around 55,000 barrels of oil per day. Production is handled by Petrobras using the FPSO Cidade de Campos dos Goytacazes in water depths between roughly 700 and 1,620 meters.

How does the Campos Basin acquisition fit Petrobras (PBR) strategic plans?

Petrobras states the acquisition offers attractive economic and financial conditions and aligns with its Business Plan, reinforcing a strategic focus on the oil and gas segment, disciplined capital allocation, economic and environmental resilience, and prioritization of assets with higher value generation potential for shareholders.