Petrobras buys 50% of an exploration block from Equinor in the Campos Basin.

Petrobras announced this Wednesday (10) the acquisition of a 50% stake in the Itaimbezinho exploration block, located in the Campos Basin, in Brazilian waters. The asset belonged wholly owned by Equinor Brasil Energia, which will remain as a partner in the operation with the remaining 50%. According to Petrobras, the operation reinforces the company's strategy of expanding its exploration portfolio and strengthens the partnership with the Norwegian company in one of the country's main oil-producing regions. "The partnership maximizes synergies in the Campos Basin, a region where Petrobras already develops neighboring assets, also in partnership with Equinor, such as the Raia project and the Jaspe exploration license," the state-owned company said in a statement. The company also highlighted that the acquisition is aligned with its long-term planning, which foresees the replacement of reserves through the exploration of new areas and joint action with strategic partners. "This acquisition is aligned with the company's long-term strategy, aimed at replenishing oil and gas reserves through the exploration of new frontiers and operating in partnership," Petrobras stated. The completion of the transaction is still subject to approval by the Administrative Council for Economic Defense (Cade) and the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

This text was translated by machine from Brazilian Portuguese.