Petrobras (NYSE: PBR) pays US$450M to regain full control of Campos fields

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras signed contracts to buy back the 50% interests in the Tartaruga Verde field and Module III of the Espadarte field from Petronas Petróleo Brasil, restoring a 100% stake and operatorship in these Campos Basin assets.

The transaction totals US$450 million, with US$50 million paid at signing, US$350 million due at closing based on an effective date of July 1, 2025, and two deferred installments of up to US$25 million each, 12 and 24 months after closing. Completion depends on conditions in the purchase agreement, including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels.

The fields lie in water depths of roughly 700–1,620 meters and are currently produced via the FPSO Cidade de Campos dos Goytacazes, with output around 55,000 barrels of oil per day.

Insights

Energy sector M&A analyst

Petrobras is paying US$450M to regain full control of two producing Campos Basin fields, pending regulatory approval.

Petrobras agreed to acquire Petronas’s 50% interests in Tartaruga Verde and Espadarte Module III for a total of US$450 million. The consideration is staged: US$50 million at signing, US$350 million at closing using an effective date of July 1, 2025, plus two deferred installments of up to US$25 million each.

The assets produce about 55,000 barrels of oil per day from water depths of 700–1,620 meters via the FPSO Cidade de Campos dos Goytacazes. Economic adjustments tied to results since the effective date mean the net outlay will depend on field performance. Closing still requires conditions to be met, including approval from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, so timing will hinge on that regulatory process.

Key Figures

Transaction value: US$450 million Signing payment: US$50 million Closing payment: US$350 million +5 more

8 metrics

Transaction value US$450 million Total consideration to reacquire 50% interests in two fields

Signing payment US$50 million Paid by Petrobras on contract signing

Closing payment US$350 million Due at closing, adjusted from July 1, 2025 effective date

Deferred installments Up to US$25 million each Two payments 12 and 24 months after closing

Interest acquired 50% interests In Tartaruga Verde and Espadarte Module III, restoring 100% stake

Current production Around 55,000 barrels/day Oil production from Tartaruga Verde and Espadarte Module III

Water depth Approximately 700–1,620 meters Offshore depths of Campos Basin fields

Effective date July 1, 2025 Date used for economic adjustments to closing payment

Key Terms

FPSO, Campos Basin, National Agency of Petroleum, Natural Gas and Biofuels (ANP), deferred installments, +1 more

5 terms

FPSO technical

"The assets are operated by Petrobras through the FPSO Cidade de Campos dos Goytacazes"

A FPSO (Floating Production, Storage and Offloading unit) is a ship-like facility that sits offshore to process oil or gas pumped up from under the seabed, store the product, and transfer it to tankers or pipelines. For investors it matters because an FPSO turns remote reserves into cash: it represents a major capital asset and source of revenue but also concentrates operational, maintenance and safety risks that can affect production levels, costs and company valuation.

Campos Basin technical

"fields, located in the Campos Basin"

National Agency of Petroleum, Natural Gas and Biofuels (ANP) regulatory

"including approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP)"

deferred installments financial

"two deferred installments, in the amount of up to US$ 25 million each"

effective date of the transaction financial

"subject to adjustments related to the effective date of the transaction (July 1, 2025)"

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FAQ

What transaction did Petrobras (PBR) announce regarding Tartaruga Verde and Espadarte?

Petrobras signed contracts to acquire Petronas’s 50% interests in the Tartaruga Verde field and Module III of the Espadarte field. After completion, Petrobras will again hold a 100% stake and remain operator of these Campos Basin assets.

How much is Petrobras paying to restore 100% interest in these Campos Basin fields?

The total transaction value is US$450 million. Petrobras will pay US$50 million at signing, US$350 million at closing based on a July 1, 2025 effective date, plus two deferred installments of up to US$25 million each after closing.

How is the Petrobras (PBR) payment for the Tartaruga Verde and Espadarte interests structured?

Payment includes US$50 million at signing and US$350 million at closing, subject to adjustments from the July 1, 2025 effective date. Two additional deferred installments of up to US$25 million each are scheduled 12 and 24 months after closing.

What regulatory approval does the Petrobras Campos Basin transaction require?

Completion 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 deal will only close once these precedent conditions, including ANP approval, have been satisfied.

What is current production from Tartaruga Verde and Espadarte Module III after the Petrobras deal announcement?

The Tartaruga Verde field and Module III of Espadarte currently produce around 55,000 barrels of oil per day. Production is handled by Petrobras through the FPSO Cidade de Campos dos Goytacazes in the southern portion of the Campos Basin.

Where are the Tartaruga Verde and Espadarte Module III fields located and how deep are they?

Both fields lie in the southern Campos Basin offshore Brazil, in water depths ranging from approximately 700 to 1,620 meters. They are operated by Petrobras using the FPSO Cidade de Campos dos Goytacazes, which processes current production.

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 April, 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 signs contracts to restore 100% interest in Tartaruga Verde field and Module III of the Espadarte field

—

Rio de Janeiro, April 9, 2026 – Petróleo Brasileiro S.A. – Petrobras, following up on the announcement made on March 16, 2026, announces that it signed contracts today with Petronas Petróleo Brasil Ltda. for the acquisition of 50% interests in the Tartaruga Verde and Espadarte – Module III fields, located in the Campos Basin. Upon completion of the transaction, Petrobras will once again hold a 100% interest in the assets and will remain the operator.

The transaction value is US$450 million, of which (a) US$50 million is paid today (signing); (b) US$ 350 million upon closing, subject to adjustments related to the effective date of the transaction (July 1, 2025); and (c) two deferred installments, in the amount of up to US$ 25 million each, to be paid 12 and 24 months after closing, respectively. 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 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/ir

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: April 9, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer