Home / Business and Economy / Brava Energia Buys Petronas Stakes for $450M
Brava Energia Buys Petronas Stakes for $450M
16 Jan
Summary
- Brava Energia acquired Petronas' stakes in two offshore fields for $450 million.
- The acquired fields, Tartaruga Verde and Espadarte Module III, produced 55,600 boed.
- The deal initiates a new strategic plan under incoming CEO Richard Kovacs.
Brava Energia has announced the acquisition of Petronas' stakes in two offshore fields located in Brazil's Campos Basin for $450 million. This strategic move includes purchasing Petronas' 50% share in the Tartaruga Verde field and Module III of the Espadarte field.
The acquired assets, Tartaruga Verde and Espadarte Module III, collectively produced an average of 55,600 barrels of oil equivalent per day in the past year, with a significant portion being oil. State-run Petrobras holds the remaining stakes in these fields.
This acquisition signifies the commencement of a new long-term strategy for Brava Energia, as outlined by its incoming Chief Executive, Richard Kovacs, who is set to assume the role on February 1. Kovacs' leadership is expected to guide the company's portfolio review and future growth.
